Acuvi AB — Call Transcript 2026

Hey, welcome to Investor Studio's report interview. [Non-English content]. Hello, a warm welcome to Acuvi Q1. If you watch this live, you can, as always, interact with the management, you can do so by adding your comments in the chat. We will deal with the questions at the end of our little chat and presentation, feel free to write down your questions already. Without further ado, it's high time to welcome CEO Nils Sjöholm. Nice to see you, welcome to the studio, welcome back from Tokyo. Thank you very much. Excited to be here. A busy quarter, no doubt. Before we jump into the figures, could you, in layman's terms for a layman as myself, just give me a short description of what you do when you develop, manufacture, and sell high precision motions solutions, and why Acuvi will make a difference? I think, yeah, for anyone that has been following the company or if they're new to this, I think at least you know that we're in the precision motion industry. That means that anything that moves with high precision is a potential target for us, right? If you look at where the world is heading right now, it's pretty obvious that anything that is developing and moving our globe into the future is actually moving itself, right? Nothing is standing still. Mm. I think it makes great sense to be in this field, and when you analyze the situation, you can see that everything needs to become tinier. Movements need to be smaller, more precise. Chip manufacturing or new space science or whatever it is that you're looking at, everything needs to be even better and more precise in the future. I think we have a perfect product mix to target all those Mm areas. Like I'm sure we'll get into, I mean, our customers are everywhere. Mm. Everything from space, consumer electronics, nuclear energy, defense, healthcare, and so on. It's a really big area to target. That will give my next question probably an impossible answer, and that is the addressable market. It will be enormous. Yeah, I mean, this is the thing. Yeah, our market is so huge. Anything that moves with high precision, and, I mean, high precision because we often talk about our, novel technology, which is basically nanometer precisioning. Mm. we can also move things many meters. obviously that's like asking how long is a. A string A string, yeah. Just to give us an understanding and feel for who do you compete with when it comes to, let's say, competitors, or is it also legacy within the company, a client saying not invented here, or? I would say, you know, we have three different business units. Mm, mm at, Acuvi. It's PiezoMotor, TPA Motion, and Sensapex. Mm. They all have different competition because they're all in slightly different niches, targeting different customers. There is competition, of course. I think it's a little bit more limited the more advanced the product and solution becomes, right? Okay. When I was here in the past, I was talking about trying to move ourselves up the value chain. Mm-hmm. We'd like to build more modules and solutions and be a bigger part and then a bigger integral part of our customer solutions. Part of that would be combining solutions from various business units into one singular module or bigger solution that we can provide. We've started that work, and I think if you look at it in terms of coming from that angle, the competition is far less. Mm actually. We have some interesting projects that we've started on that theme. Happy to see some progress and not just talking about it in the past, but we can see some real progress. You mentioned three names there, PiezoMotor, Sensapex, and TPA. If we look at the expected composition of your total sales, then I will divide it into med tech, life science, semiconductors, industrial automation/defense. Sorry. Would you be able to give us a feel for a composition of sales and your, let's say, target going forward? It would actually be much easier to answer in terms of business units. Mm-hmm TPA, PiezoMotor, and Sensapex. When it comes to the different segments, that's more tricky. Mm-hmm. The previous CRM system that we had and that we now exchanged, and I've mentioned that in the past, that's gonna give us a lot more opportunity in analyzing the data behind the orders that we get. Segmenting our complete business is a top priority. For now, I would say it's very difficult to say exactly what is a defense, a healthcare- Mm-hmm semicon, and so on. We can say that TPA Motion is the bigger part, followed by PiezoMotor and then Sensapex. It also comes a little bit with the amount of novel technology that you're looking into for each of the business units. The more complex the product or solution is, the less business it is for us right now. Sure. We're looking to change that. I think it's been very clear that our high margin products are more in terms of, the business coming out of, PiezoMotor. Oh. Also Sensapex. We want to grow there. If we shall jump into the report. Net sales amounted to SEK 51.2 million, while EBITDA amounted to SEK 3.3 versus SEK 10.4. Increased cost in several items has pressured the EBITDA, you've stated. Could you elaborate a little bit about the costs and would they be, let's say, reoccurring or would it be one-offs? I would say that most of them are not reoccurring. Mm. I would probably say that they are located in three certain areas. Number 1 is an increase in personnel cost. Mm. This is not something that is long-term for us. Mm because, I can already tell you that the personnel cost over the full year of 2026 is going to decrease. Mm. Right now we've had a couple of layoffs, and we have hired a couple people. Mm We're also challenged by the fact that we have double costs for a little while going forward. When we lay off people, we might have to pay them for another one to six months. Mm ... depending on situation. That's one of it. The second one would be the logistics that I think everyone in the world are facing right now in terms of their freight cost, shipping cost, and then also the tariffs that's hitting us very hard. Mm-hmm. It's a huge effect- Mm That we can see. Of course, we try to push that additional cost onto our customers as much as possible. In some cases we succeed because customers understand that the environment has changed. Mm. In some other cases, we have long-term contracts and they may not be as easy to modify. That's the second one. Mm. The third one would be that we have increased material cost, and that's also visible in the amount of inventory that we have. Okay. This is one of the key areas that we're addressing right now because the amount of working capital is not where we wanna be. Mm-hmm. It takes time before you see the real effects, but we're already implementing the processes and the efficiency and measures that we need to have in place in order to follow and track this over time. That's clearly something that we're looking at. I would say those three are the main areas. In terms of cost, yes, we also had some investment costs in opening up the new Tokyo office. Mm. Mm that I just visited. Mm ... also, placing some staff there. I have no doubts that this is going to repay itself, many times, the investment cost. Right now, yeah, that's an additional cost. If we look at the operating profit or loss in this case, -SEK 7.6 million, that was heavily affected by an accelerated depreciation rate of certain intangible assets. Could you just walk us through that and explain, and also yet again, recurring, non-recurring? Okay. Yeah, we have very many projects ongoing. Mm. Some of them are developing nicely. Some of them are not really where we want them to be, and we have increased the depreciation or write down speed on some of them, and that was also made in collaboration with the auditor who recommended this. Mm. I think it makes sense because in some cases we're also developing our own products that are in parallel to other projects and so on. It's something that I think you might notice going forward also, but I would say that we're also trying at the same time to mirror EBITDA with cashflow. That's why we're speaking about profitability and cashflow so much, also in the past. It's gonna continue going forward because that's really gonna be a key metric for us. It's also the foundation of everything that we want to do. Mm. You mentioned that we have a net sales of about SEK 51 million. Mm which is roughly the same as last year. That shows us that we have a very stable order intake over time. Mm Also, net sales and that our customers are reoccurring. I think going forward in future you will see that this is going to increase. It does take time because we've mentioned it many times in the past, but some sales cycles can be two to three years, so it's not something that you see immediately, but there's just so much work going on also behind the scenes when we are trying to shape the company to become a much bigger player in the future. We came from first a research to a commercial organization- Mm I think we're now building something that is ready to bring us to a place where we could double everything. I've said that also in the past, but double the number of business units that we have. Mm double the net sales, double the profits and so on. That's really what we're trying to build. Yeah, coming back to the EBITDA, yeah, it's a difference if you compare it to last year. Mm. I think you should focus on the cash flow because that's really improving. Okay. That's so nice also to be able to see that we're making progress, already now even though it's just been a few months since. Mm Since we started the work. To me it sounds like it's a, let's say it's a restructuring, about the different items and, more or less you forming a company as the way you want to form it because, you are, although you've been around the block, you're fairly new as a CEO. Is that correct? Yeah, that's correct. Mm. Of course I bring a lot of new ideas. Mm ... that are not always in line with how everything was done in the past and so on. I think it's natural when you have a Mm ... new CEO that there will be some change, and I'm aware that it will take the market a little bit of time to understand. Mm ... what the new metrics are, what's the new baseline for the company and so on. I'm sure we can overcome this, and I, yeah, we might discuss it later on in the interview, I mean, we still have very high internal targets. Mm-hmm ... on where we wanna be. We have very high targets on what we want to achieve in different regions, in different business units, in terms of different products, and so on, and all this is put into effect and in motion right now. As you mentioned, the net sales, SEK 51.2, in line with last year. What is the main driver behind the sales figure here? I mean, we've had, you know, you win business, you lose business. Mm-hmm Hopefully you win more than you lose. I would say that we have a lot of new, we have a lot of signs showing that what we're doing in the sales department is going in the right direction. For all our business units, this usually starts with the small orders. Mm. In this case, since we're doing the same net sales, I would say that a lot of it is reoccurring. It's a little bit tricky for us to exactly say how much is coming from new customers because we're also getting some new customers that were previously tied to our distributors in certain regions, like USA and Europe, for instance. Mm. Mm. Some of them are coming from the previous distributor while some of them are new as well. As I said, the previous CRM system that we had could not really differentiate if they were a previous customer or not. Mm. Now, since we own the customers ourselves. Oh, right. we can much easier tell going forward. Mm. We can also start monitoring how much each customer is growing, which ones are growing the most. Like you said about the segments before, because it's gonna be really important to see which segments are growing the most. Okay. I have my ideas about some segments. Mm that are looking very promising in the future, and that we're sort of targeting a lot more than others perhaps. Yeah. Focusing currently on creating profitability, would that mean a flat growth, or because you mention here certain areas where you think that sales will grow? Mm-hmm. How should we interpret this? I wanna grow. Mm. I wanna grow sensibly, so not taking up, taking on too much risk. Mm. I think it's really important that we grow, profitable, with a profitable, base foundation. Right now our main focus needs to be, cost control. Mm increase efficiency, production efficiency, logistics efficiency, sales efficiency, marketing efficiency. All those things that I just mentioned, they are sort of in between the top line and the bottom line. We have to work in all areas, but I would say the focus right now is on all these three. The next step would be inorganic growth and so on. I think we can do all these three things right now. Top line, a lot of the behind-the-scenes stuff- Mm Cost control. Mm. I think we have to work on all of them, and we have already started, and I think that's why you can see that the cash flow is actually. Mm becoming better. As you mention here, the cash flow would be something to look at, and obviously sales too. Is there such a thing as an average ticket size, and if so, what would it be? That's really hard to answer. I mean, our orders are from very, very small volumes. Mm up to the, what you've seen in the press releases, they can be- Mm quite big, almost SEK 2 million. Mm or something like that. Mm. anything in between is. All right. ... is usual. Of course when we're looking into these segments like we've started to do, you can tell that we may have a little bit of a better pricing power in certain segments than others. Okay. I would assume that, for instance, defense and semicon, they are segments that are going to grow significantly. Mm going forward. I think there's a lot of market data that points in that direction as well. Mm. You also have, another segment like space, which may not be so huge right now, but with all the decrease in cost for sending, satellites into space. Yeah and so on, we expect that to be a much bigger area. We're not working only with the companies that are sending things into space. Mm-hmm. We're also working with research and academia, because we think that that could be a way of making our brand famous. In Stockholm we have the KTH Royal Institute of Technology. Mm of Technology, for instance, so we're negotiating with them and talking to them about how we can facilitate their experiments in space and so on. If they write articles and publications and our name can be mentioned there, that's also one way of making the world aware that we have the stuff that is suitable for the very harsh conditions that are in space. Yes. Could you give us a feel for time from pitch to execution when it comes to an average order? I mean, that could be so different also, because if the customer approaches us, then that time is usually a little bit faster. Mm ... or much faster, I should say. If we approach someone, like we're doing now, because we wanna be more proactive in the sales department. Mm It could be really anywhere between, let's say a month to three years. Oh. We have to, you know, if you are calling an engineer. Mm, mm You have to be lucky enough that that engineer has that specific problem to be solved by your specific product at that specific. Okay ... time, right? Most likely you will make them aware of what solutions you can provide so that when they get to that point, which could be anywhere between three months. Mm, mm, mm Two years later, they will have you on top of their mind, right? This is where customer relations and partnerships come into play. I would really also maybe take the opportunity to explain how I see the difference between relationships and partnerships. Mm. Many, especially in terms of sales, you talk about relationships, but to me a relationship is something that will enable you to get the first sale, right? I would much rather talk about partnerships. Okay. This is what I did, now when I was in Asia, for instance. The difference I would say is that if your customer is building an instrument that's gonna have a lifetime of maybe 10 years, of course that initial sale is very important 'cause that's how you get your product solution, and your brand in, over the footstep, or through the door. How you take care of the customer in the following five. Mm seven, 10 years, that's gonna determine whether they have faith enough in you as a company. Mm person, product, solution, and put you into their next generation instrument. At some point you have to realize that our customer success, that is what ultimately defines our own success, right? By not seeing them just as a sales partner, somebody who's gonna buy something from you, but rather see them as a partner to our business, that's how I think we can succeed in sales over a long time. This is what we're now talking a lot about internally with the sales team and basically everybody who has any sort of customer facing going forward. Yeah, I lost track a little bit on your question. Yeah, but- I think that's really important to mention because partnerships are really. Mm fundamental for us rather than just relationships. The interesting thing here is also then barriers of entry would be high, I assume, and the stickiness of the business would be very sticky. I mean, that's the upside. At least that's your aim. Yeah. I mean, that's also the upside. Mm-hmm. It's very tricky. If the sales cycle is two to three years- Mm It's very hard to get through the door. Mm. When you succeed, and you manage to progress together with a customer and develop together. Mm ... with a customer, then that stickiness is very high. Mm. Mm. Of course, like all the business that we have today, most of those companies, they're not startups, they're big companies, so they're going to be around for many years. Mm. We just need to make sure that we're managing these partnerships in the right way, and then we should not be designed out, unless there's a complete transformation in technology. Mm We need to, have an eye on that as well of course. Yes. If- I think that's many years from now. Yeah. Sorry. If that's the case, you will probably be there as you're in the forefront of many technologies there. Let's jump into customer's orders here, and you mention here in the press release that you're exiting a med tech distributional deal about $3.7 million annually. Why does that come to an end? That's a good question, and I ask myself that as well. Okay ... because I've been in the distribution business for, quite a few years. Mm. I usually say that distribution business is quite different from other business-. Mm because it's one where you don't really require a contract between the manufacturer-. Okay ... and the distributor. Unless the business is fruitful, for both parties. Mm ... a win-win, a clear win-win, it's not gonna become fruitful for anyone in the long term, right? In this case, we had, this particular manufacturer and customer, as a working partnership for so many years, like a couple of decades, almost 20 years, and we grew that customer for the manufacturer, and I think we did an excellent job and, it might be that we did too good of a job. Okay. That it really hurts, it sucks. Mm That's usually, you know, it's not usual business when that happens. Mm. I'm a bit surprised that it did, but, yeah, we just have to make sure that we put the foundation. Mm good opportunities. Headwinds are always gonna show up. One could also point out that it was more or less offset by two orders from a customer in the U.S. defense sector, which was $3.2 million. I got two questions around that. Would that, is that the same customer, two orders from the same customers, or are there two customers? How much can you share? Because when it comes to defense contracts, which is now a booming market, there's a lot of money out there's also a lot of secrecy and you are obliged- Mm ... to sign forms which means that you are unable to communicate. Feel free to answer that in any way you like. Yeah, I mean, I can tell you it's, what we are providing these customers with, and they're different customers also- Okay. Has some very cool stuff. Okay. since it's the U.S. defense. Mm. Mm ... or I would assume any defense customer. Yes I can't say anything about that. It's not, I can say it's not PiezoMotor. Mm. I think we were clear in the press release. Mm saying that this is a business that comes out of TPA- Yes motion, so it's something that moves a little bit bigger. Mm-hmm. It's really nice to see that that's happening, and that we are a key player in that because. Mm ... you know, I speak a lot about how I want us to be much more proactive. Mm. Mm. Mm ... in the future, but you cannot be proactive. No In sales, towards the defense industry. You really have to make sure that every project you get, you deliver it to the top-notch standard. Mm ... that they're expecting, and then they will internally spread the word and you get an offer for a different project. Mm. Mm ... and so on. That's how it goes, and it's really nice to see that TPA has grown this over time. Also, I just wanted to add, sorry, to come back to the last question that you had. Mm. Mm. Because distribution generally is a low margin business. Mm. Mm. We did cover up some of it by these new defense orders, but I think more important is to say that we're also seeing how PiezoMotor, our legs business, which is our, also our high margin business. Mm. Mm. Mm is progressing really nicely. We started Q1 by almost doubling compared to last year, and the trend that we see is also continuing into Q2. I'm not gonna make any projection for the full year, but I can say that it has started very well, and this is really in the lines of our strategy to add business to this segment. One can always, as we were into this, let's say, barriers of entry, if there is anything, such thing as a barrier of entry is in the defense sector. I mean, speaking of defense, it looks like this ,trend, if you like, is going to remain for quite some years, I guess. I mean, your guess is as good as my guess. Mm-hmm I don't see the world investing less in defense, whether it's going to grow or not, I don't wanna speculate, but I don't think it's going to decrease, at least not in the visible near-term future, like five or even 10 years. Mm. I would say that the world has changed a little bit. We have some viewer questions here, I'll just read them. Mm ... out loud and then you have to interpret it as it is. Question number one here, Q1 EBITDA was SEK 3.3 million. You need SEK 34 million-SEK 47 million in Q2, Q4, and I assume that would be sales to hit guidance. What drives that acceleration? First of all, I think maybe this is a good time to say that what we have communicated is not guidance. Mm it is our targets. Good. Absolutely, we need to grow top line. Mm. Decrease in cost is going to be important, too, and we can do a lot there as well, and we've already started that journey. Growing top line is going to be instrumental in succeeding, and I think what our projections show is that we need to grow about 10%-15%, and I mean, that's more than fair targets to put, and in some areas we have a lot higher targets as well. Mm-hmm, mm-hmm. I think the average should be at least somewhere there, and then we have good chances of reaching it. The second question from the same viewer here, LEGS doubled in Q1. What percentage of Uppsala capacity is utilized today, and at what level do you expect meaningful margin leverage? I mean, we are still at about 50% utilization. Mm-hmm. There's a lot of room for expansion, and, this requires the sales department to do a good job, but the nice thing is that we can see things picking up in speed. I mean, the traction that we get from the customers that we are reaching, the number of new customers, that are coming in, it's all pointing in a very good direction. I spoke to our fantastic, I should say, regional director of APAC, Asia-. Mm ... Pacific, Marcus Hedenskog, and he can ready see some early, trend results pointing in the right direction, and if things maintain, we should be able to grow APAC with between 50%-100% at the end of the year. The same goes for, some other segments and niches as well. We have high hopes. Mm. Of course, we also have that headwind. Mm mentioning in the earlier. It's not all gonna be a straight curve upwards. I think for every headwind that you may encounter, you have to make sure that you have three possible tailwinds. Mm to counteract for. If we're coming back to orders here, you have announced that you've been chosen to deliver solutions to a Formula One team. What more can you tell us about this? Okay ... agreement? I mean, it's sound pretty cool, I think. Yeah, and that's partly also why we press released it. It's not a big volume order- Mm, mm ... but it's something that has a high attention value, in the market. Mm Right now, I would say. Mm. A lot of people follow Formula One. I'm quite a new fan myself. Oh, yeah, obvious. Yeah. Unfortunately the team doesn't want to be mentioned by name. no. They don't want to tell us exactly what they're doing. Mm. I mean, my guess would be that it's more of a measurement instrument. Mm than anything else. You know, Yeah. ... build their cars, it's super important. Oh, yeah. ... that every angle is right and so on. Mm, mm that's what I'd guess. It's a seal of approval, one could argue. Absolutely. Mm. Absolutely. I mean, this is the world's fastest motorsport. Mm, mm I don't think there's hardly any sport with instruments. Mm that require higher precision than. Mm than Formula One. You just got back from Tokyo, and so, and you have mentioned previously that you switch away from distributors to in-house sales in certain regions. When do you think that that will be reflected in the figures? Because if I understand you correctly, I mean, you would have more control of the sales, cutting out the middleman, and that would lead to, let's say, quicker sales and perhaps higher margin. Am I right in my assumption? Yeah. If so, when can we see that? I think you're right in quicker sales. I would hope that you're wrong because that means our distributors weren't as effective as we were hoping. Mm. I think you're right. Mm. Second thing is that most of our customers, they're quite big companies. Mm-hmm. Right now only, one department is buying something from us. Mm, mm. This is something that we can change when we manage the partnership directly ourselves. Because it allows us to spread the word of what more we have in our portfolio, and it also allows us to be in more contact with their other departments. I was now in Japan. Mm ... we met with a big, global player. In the meeting across the table was not just one engineer. There were five different engineers, and they were all not working with just one project. Mm, mm of course. Oh, I see. talk to all of them, you know, you're spreading the word. We're really also hoping that we can grow each of these big, multinational, companies, with our solutions. There would be a, let's say, a read across to other areas within the companies due to, let's say, controlling the sales and having your own distribution, as it were. Yeah, exactly. Mm. It puts us in the driver's seat. Mm We determine our own fate a little bit more. Okay. As you're transforming the company towards, let's say, fast-growing, can I say better control in a way, and a profitable entity, what kind of metrics would you like us in the market to look? As we started this interview, I got the feeling that when it comes to EBITDA and other metrics, because you are restructuring the company in certain ways, maybe that's not the way to look at it. You have emphasized cashflow and sales. Could you elaborate a little bit about KPIs, internally, but more importantly externally to us? Yeah. I don't know how carefully you read the report, but we actually took away a few of the wordings around- Mm ... standard products and Mm, mm OEM products and so on because we think that they were a little bit confusing, not only to the market, but also internally how we define these things and where do we draw the line. If we have a PiezoMotor that we are modifying the adapter, and does that make it a standard product still or a or an OEM and so on? It's really something that we're trying to figure out. Mm. I understand that we need to get into much more details and providing the market with more details, and we want to do that. Somewhere there's a little bit of a borderline where you don't want to provide too much. Yeah because then you're, we're just gonna talk about details that. Mm, mm really No shareholder value in the long run. I definitely think, like EBITDA or EBIT, they're important, but if we're doing things a little bit different. Mm Maybe there's a new baseline that we should refer to. Cashflow is always cashflow, right? Mm. Yep. Cashflow is also the foundation of what we could do going forward, and it gives us the maneuver room for what we want to do. I come from a conglomerate, a serial acquirer, where acquisitions were financed 50%, 50% by own cash, 50% by bank loans. I think that's a healthy and sound debt level, and we would like to be able to do. Mm similar. Right now we don't have those financial muscles, but we can see the indications, although they're, we're coming from a low level. Mm. I mean, it should be quite quick that we start building up some cash on our own, and we can start looking at these things, and we should be able to finance them ourselves. Mm. All the metrics, we're gonna look into that, and I think by Q2 we should definitely have a lot more information for the market. I just want to be really careful and make sure that we provide sensible KPIs that we can follow over time. Yeah. I would say, of course the market wants this, and we should provide them, but more importantly, I want to find the KPIs that also sets the right internal pressures. Mm, mm. Once you start communicating, then that also shows the entire organization that these are now publicly communicated, and we need to improve them over time. That's why they have to be chosen very carefully. Surely they, we should definitely have more than what we provided in this quarter. Mm report. Yeah. That's an excellent segue, actually, to my next and final question, and that was, would be what do you want for us to be looking at the coming quarter? Obviously, if you've done your internal work to a satisfactory level for yourself, then you may communicate KPIs going forward. Is there anything else you would like us to watch any particular space when it comes to Acuvi? No, I think, you know, the KPIs are very important. Even though we don't disclose too many KPIs today. Mm, mm it doesn't mean that we didn't start tracking them, right? Now we have different data systems. We're talking continuously internally about becoming more data-driven, so we've implemented the systems that we need in terms of ERP, CRM, and so on to be able to track things. Mm going forward. It's just gonna be a little bit of work. Yeah What is worth tracking. Mm ... and publishing. Excellent. Yeah. Yeah. I think, I mean, cashflow definitely is still the number-one KPI. Right, Nils. very interesting, and educational, I would say. One could say, one should watch the space, and looking forward to see you here again, so thank you so much. Oh, thank you. yeah, I did wanna say. Yes, go ahead. something about my trip to Japan. Yes, please. Good. ... because it was really nice, and we've spoken about how we want to do the direct partnerships ourselves. Mm, mm ... and so on. That's true for the U.S. and Europe. While we've said that in Asia we want to keep the distributors, and I was there meeting with our new local team, the regional director but also an engineer, local engineer, and we met with both distributors and customers, and I can tell you I think we're spot on in terms of the strategy there because it's just so different, those customer meetings and how you. Of course. ... interact with the customer in that, in those settings, how you speak to them, who speaks, who says what. Mm. Having a person like Marcus who knows the language fluently in both spoken words and writing, I think it's tremendously valuable. Like I said, we're already seeing some progress. It's early signs, and it's from low levels, but I have really high hopes that we can tap into this market, which is huge and still to this day one of the smaller markets for Acuvi as a group. That's also something to track in the future, and I'm sure that that might be one of the KPIs that we're going to. Interesting to, publish. Also something to look forward to. It's a little bit of a cliffhanger, one could say, than Japan. Yeah, I mean. Oh, right. really. You have China, South Korea, Japan, Taiwan. Yeah are the main drivers, I think. Right. With that, thank you so much, Nils, and we will say thank you to all of you, viewing and asking questions. Without, with that, thank you and goodbye.

Speaker 2: Hey, welcome to Investor Studio's report interview. [Non-English content]. Hello, a warm welcome to Acuvi Q1. If you watch this live, you can, as always, interact with the management, you can do so by adding your comments in the chat. We will deal with the questions at the end of our little chat and presentation, feel free to write down your questions already. Without further ado, it's high time to welcome CEO Nils Sjöholm. Nice to see you, welcome to the studio, welcome back from Tokyo. Hey, welcome to Investor Studio's report interview. hey welcome to investor studio's report interview [Non-English content]. [non-english content] Hello, a warm welcome to Acuvi Q1. hello a warm welcome to acuvi q1 If you watch this live, you can, as always, interact with the management, you can do so by adding your comments in the chat. if you watch this live you can as always interact with the management you can do so by adding your comments in the chat We will deal with the questions at the end of our little chat and presentation, feel free to write down your questions already. we will deal with the questions at the end of our little chat and presentation feel free to write down your questions already Without further ado, it's high time to welcome CEO Nils Sjöholm. without further ado it's high time to welcome ceo nils sjöholm Nice to see you, welcome to the studio, welcome back from Tokyo. nice to see you welcome to the studio welcome back from tokyo

Speaker 1: Thank you very much. Excited to be here. Thank you very much. thank you very much Excited to be here. excited to be here

Speaker 2: A busy quarter, no doubt. Before we jump into the figures, could you, in layman's terms for a layman as myself, just give me a short description of what you do when you develop, manufacture, and sell high precision motions solutions, and why Acuvi will make a difference? A busy quarter, no doubt. a busy quarter no doubt Before we jump into the figures, could you, in layman's terms for a layman as myself, just give me a short description of what you do when you develop, manufacture, and sell high precision motions solutions, and why Acuvi will make a difference? before we jump into the figures could you in layman's terms for a layman as myself just give me a short description of what you do when you develop manufacture and sell high precision motions solutions and why acuvi will make a difference

Speaker 1: I think, yeah, for anyone that has been following the company or if they're new to this, I think at least you know that we're in the precision motion industry. That means that anything that moves with high precision is a potential target for us, right? If you look at where the world is heading right now, it's pretty obvious that anything that is developing and moving our globe into the future is actually moving itself, right? Nothing is standing still. I think, yeah, for anyone that has been following the company or if they're new to this, I think at least you know that we're in the precision motion industry. i think yeah for anyone that has been following the company or if they're new to this i think at least you know that we're in the precision motion industry That means that anything that moves with high precision is a potential target for us, right? that means that anything that moves with high precision is a potential target for us right If you look at where the world is heading right now, it's pretty obvious that anything that is developing and moving our globe into the future is actually moving itself, right? if you look at where the world is heading right now it's pretty obvious that anything that is developing and moving our globe into the future is actually moving itself right Nothing is standing still. nothing is standing still

Speaker 2: Mm. Mm. mm

Speaker 1: I think it makes great sense to be in this field, and when you analyze the situation, you can see that everything needs to become tinier. Movements need to be smaller, more precise. Chip manufacturing or new space science or whatever it is that you're looking at, everything needs to be even better and more precise in the future. I think we have a perfect product mix to target all those I think it makes great sense to be in this field, and when you analyze the situation, you can see that everything needs to become tinier. i think it makes great sense to be in this field and when you analyze the situation you can see that everything needs to become tinier Movements need to be smaller, more precise. movements need to be smaller more precise Chip manufacturing or new space science or whatever it is that you're looking at, everything needs to be even better and more precise in the future. chip manufacturing or new space science or whatever it is that you're looking at everything needs to be even better and more precise in the future I think we have a perfect product mix to target all those i think we have a perfect product mix to target all those

Speaker 2: Mm Mm mm

Speaker 1: areas. Like I'm sure we'll get into, I mean, our customers are everywhere. areas. areas Like I'm sure we'll get into, I mean, our customers are everywhere. like i'm sure we'll get into i mean our customers are everywhere

Speaker 2: Mm. Mm. mm

Speaker 1: Everything from space, consumer electronics, nuclear energy, defense, healthcare, and so on. It's a really big area to target. Everything from space, consumer electronics, nuclear energy, defense, healthcare, and so on. everything from space consumer electronics nuclear energy defense healthcare and so on It's a really big area to target. it's a really big area to target

Speaker 2: That will give my next question probably an impossible answer, and that is the addressable market. It will be enormous. That will give my next question probably an impossible answer, and that is the addressable market. that will give my next question probably an impossible answer and that is the addressable market It will be enormous. it will be enormous

Speaker 1: Yeah, I mean, this is the thing. Yeah, our market is so huge. Anything that moves with high precision, and, I mean, high precision because we often talk about our, novel technology, which is basically nanometer precisioning. Yeah, I mean, this is the thing. yeah i mean this is the thing Yeah, our market is so huge. yeah our market is so huge Anything that moves with high precision, and, I mean, high precision because we often talk about our, novel technology, which is basically nanometer precisioning. anything that moves with high precision and i mean high precision because we often talk about our novel technology which is basically nanometer precisioning

Speaker 2: Mm. Mm. mm

Speaker 1: we can also move things many meters. obviously that's like asking how long is a. we can also move things many meters. obviously that's like asking how long is a. we can also move things many meters obviously that's like asking how long is a

Speaker 2: A string A string a string

Speaker 1: A string, yeah. A string, yeah. a string yeah

Speaker 2: Just to give us an understanding and feel for who do you compete with when it comes to, let's say, competitors, or is it also legacy within the company, a client saying not invented here, or? Just to give us an understanding and feel for who do you compete with when it comes to, let's say, competitors, or is it also legacy within the company, a client saying not invented here, or? just to give us an understanding and feel for who do you compete with when it comes to let's say competitors or is it also legacy within the company a client saying not invented here or

Speaker 1: I would say, you know, we have three different business units. I would say, you know, we have three different business units. i would say you know we have three different business units

Speaker 2: Mm, mm Mm, mm mm mm

Speaker 1: at, Acuvi. It's PiezoMotor, TPA Motion, and Sensapex. at, Acuvi. at acuvi It's PiezoMotor, TPA Motion, and Sensapex. it's piezomotor tpa motion and sensapex

Speaker 2: Mm. Mm. mm

Speaker 1: They all have different competition because they're all in slightly different niches, targeting different customers. There is competition, of course. I think it's a little bit more limited the more advanced the product and solution becomes, right? They all have different competition because they're all in slightly different niches, targeting different customers. they all have different competition because they're all in slightly different niches targeting different customers There is competition, of course. there is competition of course I think it's a little bit more limited the more advanced the product and solution becomes, right? i think it's a little bit more limited the more advanced the product and solution becomes right

Speaker 2: Okay. Okay. okay

Speaker 1: When I was here in the past, I was talking about trying to move ourselves up the value chain. When I was here in the past, I was talking about trying to move ourselves up the value chain. when i was here in the past i was talking about trying to move ourselves up the value chain

Speaker 2: Mm-hmm. Mm-hmm. mm-hmm

Speaker 1: We'd like to build more modules and solutions and be a bigger part and then a bigger integral part of our customer solutions. Part of that would be combining solutions from various business units into one singular module or bigger solution that we can provide. We've started that work, and I think if you look at it in terms of coming from that angle, the competition is far less. We'd like to build more modules and solutions and be a bigger part and then a bigger integral part of our customer solutions. we'd like to build more modules and solutions and be a bigger part and then a bigger integral part of our customer solutions Part of that would be combining solutions from various business units into one singular module or bigger solution that we can provide. part of that would be combining solutions from various business units into one singular module or bigger solution that we can provide We've started that work, and I think if you look at it in terms of coming from that angle, the competition is far less. we've started that work and i think if you look at it in terms of coming from that angle the competition is far less

Speaker 2: Mm Mm mm

Speaker 1: actually. We have some interesting projects that we've started on that theme. Happy to see some progress and not just talking about it in the past, but we can see some real progress. actually. actually We have some interesting projects that we've started on that theme. we have some interesting projects that we've started on that theme Happy to see some progress and not just talking about it in the past, but we can see some real progress. happy to see some progress and not just talking about it in the past but we can see some real progress

Speaker 2: You mentioned three names there, PiezoMotor, Sensapex, and TPA. If we look at the expected composition of your total sales, then I will divide it into med tech, life science, semiconductors, industrial automation/defense. Sorry. Would you be able to give us a feel for a composition of sales and your, let's say, target going forward? You mentioned three names there, PiezoMotor, Sensapex, and TPA. you mentioned three names there piezomotor sensapex and tpa If we look at the expected composition of your total sales, then I will divide it into med tech, life science, semiconductors, industrial automation/defense. if we look at the expected composition of your total sales then i will divide it into med tech life science semiconductors industrial automation/defense Sorry. sorry Would you be able to give us a feel for a composition of sales and your, let's say, target going forward? would you be able to give us a feel for a composition of sales and your let's say target going forward

Speaker 1: It would actually be much easier to answer in terms of business units. It would actually be much easier to answer in terms of business units. it would actually be much easier to answer in terms of business units

Speaker 2: Mm-hmm Mm-hmm mm-hmm

Speaker 1: TPA, PiezoMotor, and Sensapex. When it comes to the different segments, that's more tricky. TPA, PiezoMotor, and Sensapex. tpa piezomotor and sensapex When it comes to the different segments, that's more tricky. when it comes to the different segments that's more tricky

Speaker 2: Mm-hmm. Mm-hmm. mm-hmm

Speaker 1: The previous CRM system that we had and that we now exchanged, and I've mentioned that in the past, that's gonna give us a lot more opportunity in analyzing the data behind the orders that we get. Segmenting our complete business is a top priority. For now, I would say it's very difficult to say exactly what is a defense, a healthcare- The previous CRM system that we had and that we now exchanged, and I've mentioned that in the past, that's gonna give us a lot more opportunity in analyzing the data behind the orders that we get. the previous crm system that we had and that we now exchanged and i've mentioned that in the past that's gonna give us a lot more opportunity in analyzing the data behind the orders that we get Segmenting our complete business is a top priority. segmenting our complete business is a top priority For now, I would say it's very difficult to say exactly what is a defense, a healthcare- for now i would say it's very difficult to say exactly what is a defense a healthcare-

Speaker 2: Mm-hmm Mm-hmm mm-hmm

Speaker 1: semicon, and so on. We can say that TPA Motion is the bigger part, followed by PiezoMotor and then Sensapex. It also comes a little bit with the amount of novel technology that you're looking into for each of the business units. The more complex the product or solution is, the less business it is for us right now. semicon, and so on. semicon and so on We can say that TPA Motion is the bigger part, followed by PiezoMotor and then Sensapex. we can say that tpa motion is the bigger part followed by piezomotor and then sensapex It also comes a little bit with the amount of novel technology that you're looking into for each of the business units. it also comes a little bit with the amount of novel technology that you're looking into for each of the business units The more complex the product or solution is, the less business it is for us right now. the more complex the product or solution is the less business it is for us right now

Speaker 2: Sure. Sure. sure

Speaker 1: We're looking to change that. I think it's been very clear that our high margin products are more in terms of, the business coming out of, PiezoMotor. We're looking to change that. we're looking to change that I think it's been very clear that our high margin products are more in terms of, the business coming out of, PiezoMotor. i think it's been very clear that our high margin products are more in terms of the business coming out of piezomotor

Speaker 2: Oh. Oh. oh

Speaker 1: Also Sensapex. We want to grow there. Also Sensapex. also sensapex We want to grow there. we want to grow there

Speaker 2: If we shall jump into the report. Net sales amounted to SEK 51.2 million, while EBITDA amounted to SEK 3.3 versus SEK 10.4. Increased cost in several items has pressured the EBITDA, you've stated. Could you elaborate a little bit about the costs and would they be, let's say, reoccurring or would it be one-offs? If we shall jump into the report. if we shall jump into the report Net sales amounted to SEK 51.2 million, while EBITDA amounted to SEK 3.3 versus SEK 10.4. net sales amounted to sek 51.2 million while ebitda amounted to sek 3.3 versus sek 10.4 Increased cost in several items has pressured the EBITDA, you've stated. increased cost in several items has pressured the ebitda you've stated Could you elaborate a little bit about the costs and would they be, let's say, reoccurring or would it be one-offs? could you elaborate a little bit about the costs and would they be let's say reoccurring or would it be one-offs

Speaker 1: I would say that most of them are not reoccurring. I would say that most of them are not reoccurring. i would say that most of them are not reoccurring

Speaker 2: Mm. Mm. mm

Speaker 1: I would probably say that they are located in three certain areas. Number 1 is an increase in personnel cost. I would probably say that they are located in three certain areas. i would probably say that they are located in three certain areas Number 1 is an increase in personnel cost. number 1 is an increase in personnel cost

Speaker 2: Mm. Mm. mm

Speaker 1: This is not something that is long-term for us. This is not something that is long-term for us. this is not something that is long-term for us

Speaker 2: Mm Mm mm

Speaker 1: because, I can already tell you that the personnel cost over the full year of 2026 is going to decrease. because, I can already tell you that the personnel cost over the full year of 2026 is going to decrease. because i can already tell you that the personnel cost over the full year of 2026 is going to decrease

Speaker 2: Mm. Mm. mm

Speaker 1: Right now we've had a couple of layoffs, and we have hired a couple people. Right now we've had a couple of layoffs, and we have hired a couple people. right now we've had a couple of layoffs and we have hired a couple people

Speaker 2: Mm Mm mm

Speaker 1: We're also challenged by the fact that we have double costs for a little while going forward. When we lay off people, we might have to pay them for another one to six months. We're also challenged by the fact that we have double costs for a little while going forward. we're also challenged by the fact that we have double costs for a little while going forward When we lay off people, we might have to pay them for another one to six months. when we lay off people we might have to pay them for another one to six months

Speaker 2: Mm Mm mm

Speaker 1: ... depending on situation. That's one of it. The second one would be the logistics that I think everyone in the world are facing right now in terms of their freight cost, shipping cost, and then also the tariffs that's hitting us very hard. ... depending on situation. depending on situation That's one of it. that's one of it The second one would be the logistics that I think everyone in the world are facing right now in terms of their freight cost, shipping cost, and then also the tariffs that's hitting us very hard. the second one would be the logistics that i think everyone in the world are facing right now in terms of their freight cost shipping cost and then also the tariffs that's hitting us very hard

Speaker 2: Mm-hmm. Mm-hmm. mm-hmm

Speaker 1: It's a huge effect- It's a huge effect- it's a huge effect-

Speaker 2: Mm Mm mm

Speaker 1: That we can see. Of course, we try to push that additional cost onto our customers as much as possible. In some cases we succeed because customers understand that the environment has changed. That we can see. that we can see Of course, we try to push that additional cost onto our customers as much as possible. of course we try to push that additional cost onto our customers as much as possible In some cases we succeed because customers understand that the environment has changed. in some cases we succeed because customers understand that the environment has changed

Speaker 2: Mm. Mm. mm

Speaker 1: In some other cases, we have long-term contracts and they may not be as easy to modify. That's the second one. In some other cases, we have long-term contracts and they may not be as easy to modify. in some other cases we have long-term contracts and they may not be as easy to modify That's the second one. that's the second one

Speaker 2: Mm. Mm. mm

Speaker 1: The third one would be that we have increased material cost, and that's also visible in the amount of inventory that we have. The third one would be that we have increased material cost, and that's also visible in the amount of inventory that we have. the third one would be that we have increased material cost and that's also visible in the amount of inventory that we have

Speaker 2: Okay. Okay. okay

Speaker 1: This is one of the key areas that we're addressing right now because the amount of working capital is not where we wanna be. This is one of the key areas that we're addressing right now because the amount of working capital is not where we wanna be. this is one of the key areas that we're addressing right now because the amount of working capital is not where we wanna be

Speaker 2: Mm-hmm. Mm-hmm. mm-hmm

Speaker 1: It takes time before you see the real effects, but we're already implementing the processes and the efficiency and measures that we need to have in place in order to follow and track this over time. That's clearly something that we're looking at. I would say those three are the main areas. In terms of cost, yes, we also had some investment costs in opening up the new Tokyo office. It takes time before you see the real effects, but we're already implementing the processes and the efficiency and measures that we need to have in place in order to follow and track this over time. it takes time before you see the real effects but we're already implementing the processes and the efficiency and measures that we need to have in place in order to follow and track this over time That's clearly something that we're looking at. that's clearly something that we're looking at I would say those three are the main areas. i would say those three are the main areas In terms of cost, yes, we also had some investment costs in opening up the new Tokyo office. in terms of cost yes we also had some investment costs in opening up the new tokyo office

Speaker 2: Mm. Mm Mm. mm mm Mm mm mm

Speaker 1: that I just visited. that I just visited. that i just visited

Speaker 2: Mm Mm mm

Speaker 1: ... also, placing some staff there. I have no doubts that this is going to repay itself, many times, the investment cost. Right now, yeah, that's an additional cost. ... also, placing some staff there. also placing some staff there I have no doubts that this is going to repay itself, many times, the investment cost. i have no doubts that this is going to repay itself many times the investment cost Right now, yeah, that's an additional cost. right now yeah that's an additional cost

Speaker 2: If we look at the operating profit or loss in this case, -SEK 7.6 million, that was heavily affected by an accelerated depreciation rate of certain intangible assets. Could you just walk us through that and explain, and also yet again, recurring, non-recurring? If we look at the operating profit or loss in this case, - SEK 7.6 million, that was heavily affected by an accelerated depreciation rate of certain intangible assets. if we look at the operating profit or loss in this case - sek 7.6 million that was heavily affected by an accelerated depreciation rate of certain intangible assets Could you just walk us through that and explain, and also yet again, recurring, non-recurring? could you just walk us through that and explain and also yet again recurring non-recurring

Speaker 1: Okay. Yeah, we have very many projects ongoing. Okay. okay Yeah, we have very many projects ongoing. yeah we have very many projects ongoing

Speaker 2: Mm. Mm. mm

Speaker 1: Some of them are developing nicely. Some of them are not really where we want them to be, and we have increased the depreciation or write down speed on some of them, and that was also made in collaboration with the auditor who recommended this. Some of them are developing nicely. some of them are developing nicely Some of them are not really where we want them to be, and we have increased the depreciation or write down speed on some of them, and that was also made in collaboration with the auditor who recommended this. some of them are not really where we want them to be and we have increased the depreciation or write down speed on some of them and that was also made in collaboration with the auditor who recommended this

Speaker 2: Mm. Mm. mm

Speaker 1: I think it makes sense because in some cases we're also developing our own products that are in parallel to other projects and so on. It's something that I think you might notice going forward also, but I would say that we're also trying at the same time to mirror EBITDA with cashflow. That's why we're speaking about profitability and cashflow so much, also in the past. It's gonna continue going forward because that's really gonna be a key metric for us. It's also the foundation of everything that we want to do. I think it makes sense because in some cases we're also developing our own products that are in parallel to other projects and so on. i think it makes sense because in some cases we're also developing our own products that are in parallel to other projects and so on It's something that I think you might notice going forward also, but I would say that we're also trying at the same time to mirror EBITDA with cashflow. it's something that i think you might notice going forward also but i would say that we're also trying at the same time to mirror ebitda with cashflow That's why we're speaking about profitability and cashflow so much, also in the past. that's why we're speaking about profitability and cashflow so much also in the past It's gonna continue going forward because that's really gonna be a key metric for us. it's gonna continue going forward because that's really gonna be a key metric for us It's also the foundation of everything that we want to do. it's also the foundation of everything that we want to do

Speaker 2: Mm. Mm. mm

Speaker 1: You mentioned that we have a net sales of about SEK 51 million. You mentioned that we have a net sales of about SEK 51 million. you mentioned that we have a net sales of about sek 51 million

Speaker 2: Mm Mm mm

Speaker 1: which is roughly the same as last year. That shows us that we have a very stable order intake over time. which is roughly the same as last year. which is roughly the same as last year That shows us that we have a very stable order intake over time. that shows us that we have a very stable order intake over time

Speaker 2: Mm Mm mm

Speaker 1: Also, net sales and that our customers are reoccurring. I think going forward in future you will see that this is going to increase. It does take time because we've mentioned it many times in the past, but some sales cycles can be two to three years, so it's not something that you see immediately, but there's just so much work going on also behind the scenes when we are trying to shape the company to become a much bigger player in the future. We came from first a research to a commercial organization- Also, net sales and that our customers are reoccurring. also net sales and that our customers are reoccurring I think going forward in future you will see that this is going to increase. i think going forward in future you will see that this is going to increase It does take time because we've mentioned it many times in the past, but some sales cycles can be two to three years, so it's not something that you see immediately, but there's just so much work going on also behind the scenes when we are trying to shape the company to become a much bigger player in the future. it does take time because we've mentioned it many times in the past but some sales cycles can be two to three years so it's not something that you see immediately but there's just so much work going on also behind the scenes when we are trying to shape the company to become a much bigger player in the future We came from first a research to a commercial organization- we came from first a research to a commercial organization-

Speaker 2: Mm Mm mm

Speaker 1: I think we're now building something that is ready to bring us to a place where we could double everything. I've said that also in the past, but double the number of business units that we have. I think we're now building something that is ready to bring us to a place where we could double everything. i think we're now building something that is ready to bring us to a place where we could double everything I've said that also in the past, but double the number of business units that we have. i've said that also in the past but double the number of business units that we have

Speaker 2: Mm Mm mm

Speaker 1: double the net sales, double the profits and so on. That's really what we're trying to build. Yeah, coming back to the EBITDA, yeah, it's a difference if you compare it to last year. double the net sales, double the profits and so on. double the net sales double the profits and so on That's really what we're trying to build. that's really what we're trying to build Yeah, coming back to the EBITDA, yeah, it's a difference if you compare it to last year. yeah coming back to the ebitda yeah it's a difference if you compare it to last year

Speaker 2: Mm. Mm. mm

Speaker 1: I think you should focus on the cash flow because that's really improving. I think you should focus on the cash flow because that's really improving. i think you should focus on the cash flow because that's really improving

Speaker 2: Okay. Okay. okay

Speaker 1: That's so nice also to be able to see that we're making progress, already now even though it's just been a few months since. That's so nice also to be able to see that we're making progress, already now even though it's just been a few months since. that's so nice also to be able to see that we're making progress already now even though it's just been a few months since

Speaker 2: Mm Mm mm

Speaker 1: Since we started the work. Since we started the work. since we started the work

Speaker 2: To me it sounds like it's a, let's say it's a restructuring, about the different items and, more or less you forming a company as the way you want to form it because, you are, although you've been around the block, you're fairly new as a CEO. Is that correct? To me it sounds like it's a, let's say it's a restructuring, about the different items and, more or less you forming a company as the way you want to form it because, you are, although you've been around the block, you're fairly new as a CEO. to me it sounds like it's a let's say it's a restructuring about the different items and more or less you forming a company as the way you want to form it because you are although you've been around the block you're fairly new as a ceo Is that correct? is that correct

Speaker 1: Yeah, that's correct. Yeah, that's correct. yeah that's correct

Speaker 2: Mm. Mm. mm

Speaker 1: Of course I bring a lot of new ideas. Of course I bring a lot of new ideas. of course i bring a lot of new ideas

Speaker 2: Mm Mm mm

Speaker 1: ... that are not always in line with how everything was done in the past and so on. I think it's natural when you have a ... that are not always in line with how everything was done in the past and so on. that are not always in line with how everything was done in the past and so on I think it's natural when you have a i think it's natural when you have a

Speaker 2: Mm Mm mm

Speaker 1: ... new CEO that there will be some change, and I'm aware that it will take the market a little bit of time to understand. ... new CEO that there will be some change, and I'm aware that it will take the market a little bit of time to understand. new ceo that there will be some change and i'm aware that it will take the market a little bit of time to understand

Speaker 2: Mm Mm mm

Speaker 1: ... what the new metrics are, what's the new baseline for the company and so on. I'm sure we can overcome this, and I, yeah, we might discuss it later on in the interview, I mean, we still have very high internal targets. ... what the new metrics are, what's the new baseline for the company and so on. what the new metrics are what's the new baseline for the company and so on I'm sure we can overcome this, and I, yeah, we might discuss it later on in the interview, I mean, we still have very high internal targets. i'm sure we can overcome this and i yeah we might discuss it later on in the interview i mean we still have very high internal targets

Speaker 2: Mm-hmm Mm-hmm mm-hmm

Speaker 1: ... on where we wanna be. We have very high targets on what we want to achieve in different regions, in different business units, in terms of different products, and so on, and all this is put into effect and in motion right now. ... on where we wanna be. on where we wanna be We have very high targets on what we want to achieve in different regions, in different business units, in terms of different products, and so on, and all this is put into effect and in motion right now. we have very high targets on what we want to achieve in different regions in different business units in terms of different products and so on and all this is put into effect and in motion right now

Speaker 2: As you mentioned, the net sales, SEK 51.2, in line with last year. What is the main driver behind the sales figure here? As you mentioned, the net sales, SEK 51.2, in line with last year. as you mentioned the net sales sek 51.2 in line with last year What is the main driver behind the sales figure here? what is the main driver behind the sales figure here

Speaker 1: I mean, we've had, you know, you win business, you lose business. I mean, we've had, you know, you win business, you lose business. i mean we've had you know you win business you lose business

Speaker 2: Mm-hmm Mm-hmm mm-hmm

Speaker 1: Hopefully you win more than you lose. I would say that we have a lot of new, we have a lot of signs showing that what we're doing in the sales department is going in the right direction. For all our business units, this usually starts with the small orders. Hopefully you win more than you lose. hopefully you win more than you lose I would say that we have a lot of new, we have a lot of signs showing that what we're doing in the sales department is going in the right direction. i would say that we have a lot of new we have a lot of signs showing that what we're doing in the sales department is going in the right direction For all our business units, this usually starts with the small orders. for all our business units this usually starts with the small orders

Speaker 2: Mm. Mm. mm

Speaker 1: In this case, since we're doing the same net sales, I would say that a lot of it is reoccurring. It's a little bit tricky for us to exactly say how much is coming from new customers because we're also getting some new customers that were previously tied to our distributors in certain regions, like USA and Europe, for instance. In this case, since we're doing the same net sales, I would say that a lot of it is reoccurring. in this case since we're doing the same net sales i would say that a lot of it is reoccurring It's a little bit tricky for us to exactly say how much is coming from new customers because we're also getting some new customers that were previously tied to our distributors in certain regions, like USA and Europe, for instance. it's a little bit tricky for us to exactly say how much is coming from new customers because we're also getting some new customers that were previously tied to our distributors in certain regions like usa and europe for instance

Speaker 2: Mm. Mm. Mm. mm Mm. mm

Speaker 1: Some of them are coming from the previous distributor while some of them are new as well. As I said, the previous CRM system that we had could not really differentiate if they were a previous customer or not. Some of them are coming from the previous distributor while some of them are new as well. some of them are coming from the previous distributor while some of them are new as well As I said, the previous CRM system that we had could not really differentiate if they were a previous customer or not. as i said the previous crm system that we had could not really differentiate if they were a previous customer or not

Speaker 2: Mm. Mm. mm

Speaker 1: Now, since we own the customers ourselves. Now, since we own the customers ourselves. now since we own the customers ourselves

Speaker 2: Oh, right. Oh, right. oh right

Speaker 1: we can much easier tell going forward. we can much easier tell going forward. we can much easier tell going forward

Speaker 2: Mm. Mm. mm

Speaker 1: We can also start monitoring how much each customer is growing, which ones are growing the most. Like you said about the segments before, because it's gonna be really important to see which segments are growing the most. We can also start monitoring how much each customer is growing, which ones are growing the most. we can also start monitoring how much each customer is growing which ones are growing the most Like you said about the segments before, because it's gonna be really important to see which segments are growing the most. like you said about the segments before because it's gonna be really important to see which segments are growing the most

Speaker 2: Okay. Okay. okay

Speaker 1: I have my ideas about some segments. I have my ideas about some segments. i have my ideas about some segments

Speaker 2: Mm Mm mm

Speaker 1: that are looking very promising in the future, and that we're sort of targeting a lot more than others perhaps. Yeah. that are looking very promising in the future, and that we're sort of targeting a lot more than others perhaps. that are looking very promising in the future and that we're sort of targeting a lot more than others perhaps Yeah. yeah

Speaker 2: Focusing currently on creating profitability, would that mean a flat growth, or because you mention here certain areas where you think that sales will grow? Focusing currently on creating profitability, would that mean a flat growth, or because you mention here certain areas where you think that sales will grow? focusing currently on creating profitability would that mean a flat growth or because you mention here certain areas where you think that sales will grow

Speaker 1: Mm-hmm. Mm-hmm. mm-hmm

Speaker 2: How should we interpret this? How should we interpret this? how should we interpret this

Speaker 1: I wanna grow. I wanna grow. i wanna grow

Speaker 2: Mm. Mm. mm

Speaker 1: I wanna grow sensibly, so not taking up, taking on too much risk. I wanna grow sensibly, so not taking up, taking on too much risk. i wanna grow sensibly so not taking up taking on too much risk

Speaker 2: Mm. Mm. mm

Speaker 1: I think it's really important that we grow, profitable, with a profitable, base foundation. Right now our main focus needs to be, cost control. I think it's really important that we grow, profitable, with a profitable, base foundation. i think it's really important that we grow profitable with a profitable base foundation Right now our main focus needs to be, cost control. right now our main focus needs to be cost control

Speaker 2: Mm Mm mm

Speaker 1: increase efficiency, production efficiency, logistics efficiency, sales efficiency, marketing efficiency. All those things that I just mentioned, they are sort of in between the top line and the bottom line. We have to work in all areas, but I would say the focus right now is on all these three. The next step would be inorganic growth and so on. I think we can do all these three things right now. Top line, a lot of the behind-the-scenes stuff- increase efficiency, production efficiency, logistics efficiency, sales efficiency, marketing efficiency. increase efficiency production efficiency logistics efficiency sales efficiency marketing efficiency All those things that I just mentioned, they are sort of in between the top line and the bottom line. all those things that i just mentioned they are sort of in between the top line and the bottom line We have to work in all areas, but I would say the focus right now is on all these three. we have to work in all areas but i would say the focus right now is on all these three The next step would be inorganic growth and so on. the next step would be inorganic growth and so on I think we can do all these three things right now. i think we can do all these three things right now Top line, a lot of the behind-the-scenes stuff- top line a lot of the behind-the-scenes stuff-

Speaker 2: Mm Mm mm

Speaker 1: Cost control. Cost control. cost control

Speaker 2: Mm. Mm. mm

Speaker 1: I think we have to work on all of them, and we have already started, and I think that's why you can see that the cash flow is actually. I think we have to work on all of them, and we have already started, and I think that's why you can see that the cash flow is actually. i think we have to work on all of them and we have already started and i think that's why you can see that the cash flow is actually

Speaker 2: Mm Mm mm

Speaker 1: becoming better. becoming better. becoming better

Speaker 2: As you mention here, the cash flow would be something to look at, and obviously sales too. Is there such a thing as an average ticket size, and if so, what would it be? As you mention here, the cash flow would be something to look at, and obviously sales too. as you mention here the cash flow would be something to look at and obviously sales too Is there such a thing as an average ticket size, and if so, what would it be? is there such a thing as an average ticket size and if so what would it be

Speaker 1: That's really hard to answer. I mean, our orders are from very, very small volumes. That's really hard to answer. that's really hard to answer I mean, our orders are from very, very small volumes. i mean our orders are from very very small volumes

Speaker 2: Mm Mm mm

Speaker 1: up to the, what you've seen in the press releases, they can be- up to the, what you've seen in the press releases, they can be- up to the what you've seen in the press releases they can be-

Speaker 2: Mm Mm mm

Speaker 1: quite big, almost SEK 2 million. quite big, almost SEK 2 million. quite big almost sek 2 million

Speaker 2: Mm Mm mm

Speaker 1: or something like that. or something like that. or something like that

Speaker 2: Mm. Mm. mm

Speaker 1: anything in between is. anything in between is. anything in between is

Speaker 2: All right. All right. all right

Speaker 1: ... is usual. Of course when we're looking into these segments like we've started to do, you can tell that we may have a little bit of a better pricing power in certain segments than others. ... is usual. is usual Of course when we're looking into these segments like we've started to do, you can tell that we may have a little bit of a better pricing power in certain segments than others. of course when we're looking into these segments like we've started to do you can tell that we may have a little bit of a better pricing power in certain segments than others

Speaker 2: Okay. Okay. okay

Speaker 1: I would assume that, for instance, defense and semicon, they are segments that are going to grow significantly. I would assume that, for instance, defense and semicon, they are segments that are going to grow significantly. i would assume that for instance defense and semicon they are segments that are going to grow significantly

Speaker 2: Mm Mm mm

Speaker 1: going forward. I think there's a lot of market data that points in that direction as well. going forward. going forward I think there's a lot of market data that points in that direction as well. i think there's a lot of market data that points in that direction as well

Speaker 2: Mm. Mm. mm

Speaker 1: You also have, another segment like space, which may not be so huge right now, but with all the decrease in cost for sending, satellites into space. You also have, another segment like space, which may not be so huge right now, but with all the decrease in cost for sending, satellites into space. you also have another segment like space which may not be so huge right now but with all the decrease in cost for sending satellites into space

Speaker 2: Yeah Yeah yeah

Speaker 1: and so on, we expect that to be a much bigger area. We're not working only with the companies that are sending things into space. and so on, we expect that to be a much bigger area. and so on we expect that to be a much bigger area We're not working only with the companies that are sending things into space. we're not working only with the companies that are sending things into space

Speaker 2: Mm-hmm. Mm-hmm. mm-hmm

Speaker 1: We're also working with research and academia, because we think that that could be a way of making our brand famous. In Stockholm we have the KTH Royal Institute of Technology. We're also working with research and academia, because we think that that could be a way of making our brand famous. we're also working with research and academia because we think that that could be a way of making our brand famous In Stockholm we have the KTH Royal Institute of Technology. in stockholm we have the kth royal institute of technology

Speaker 2: Mm Mm mm

Speaker 1: of Technology, for instance, so we're negotiating with them and talking to them about how we can facilitate their experiments in space and so on. If they write articles and publications and our name can be mentioned there, that's also one way of making the world aware that we have the stuff that is suitable for the very harsh conditions that are in space. of Technology, for instance, so we're negotiating with them and talking to them about how we can facilitate their experiments in space and so on. of technology for instance so we're negotiating with them and talking to them about how we can facilitate their experiments in space and so on If they write articles and publications and our name can be mentioned there, that's also one way of making the world aware that we have the stuff that is suitable for the very harsh conditions that are in space. if they write articles and publications and our name can be mentioned there that's also one way of making the world aware that we have the stuff that is suitable for the very harsh conditions that are in space

Speaker 2: Yes. Could you give us a feel for time from pitch to execution when it comes to an average order? Yes. yes Could you give us a feel for time from pitch to execution when it comes to an average order? could you give us a feel for time from pitch to execution when it comes to an average order

Speaker 1: I mean, that could be so different also, because if the customer approaches us, then that time is usually a little bit faster. I mean, that could be so different also, because if the customer approaches us, then that time is usually a little bit faster. i mean that could be so different also because if the customer approaches us then that time is usually a little bit faster

Speaker 2: Mm Mm mm

Speaker 1: ... or much faster, I should say. If we approach someone, like we're doing now, because we wanna be more proactive in the sales department. ... or much faster, I should say. or much faster i should say If we approach someone, like we're doing now, because we wanna be more proactive in the sales department. if we approach someone like we're doing now because we wanna be more proactive in the sales department

Speaker 2: Mm Mm mm

Speaker 1: It could be really anywhere between, let's say a month to three years. It could be really anywhere between, let's say a month to three years. it could be really anywhere between let's say a month to three years

Speaker 2: Oh. Oh. oh

Speaker 1: We have to, you know, if you are calling an engineer. We have to, you know, if you are calling an engineer. we have to you know if you are calling an engineer

Speaker 2: Mm, mm Mm, mm mm mm

Speaker 1: You have to be lucky enough that that engineer has that specific problem to be solved by your specific product at that specific. You have to be lucky enough that that engineer has that specific problem to be solved by your specific product at that specific. you have to be lucky enough that that engineer has that specific problem to be solved by your specific product at that specific

Speaker 2: Okay Okay okay

Speaker 1: ... time, right? Most likely you will make them aware of what solutions you can provide so that when they get to that point, which could be anywhere between three months. ... time, right? time right Most likely you will make them aware of what solutions you can provide so that when they get to that point, which could be anywhere between three months. most likely you will make them aware of what solutions you can provide so that when they get to that point which could be anywhere between three months

Speaker 2: Mm, mm, mm Mm, mm, mm mm mm mm

Speaker 1: Two years later, they will have you on top of their mind, right? This is where customer relations and partnerships come into play. I would really also maybe take the opportunity to explain how I see the difference between relationships and partnerships. Two years later, they will have you on top of their mind, right? two years later they will have you on top of their mind right This is where customer relations and partnerships come into play. this is where customer relations and partnerships come into play I would really also maybe take the opportunity to explain how I see the difference between relationships and partnerships. i would really also maybe take the opportunity to explain how i see the difference between relationships and partnerships

Speaker 2: Mm. Mm. mm

Speaker 1: Many, especially in terms of sales, you talk about relationships, but to me a relationship is something that will enable you to get the first sale, right? I would much rather talk about partnerships. Many, especially in terms of sales, you talk about relationships, but to me a relationship is something that will enable you to get the first sale, right? many especially in terms of sales you talk about relationships but to me a relationship is something that will enable you to get the first sale right I would much rather talk about partnerships. i would much rather talk about partnerships

Speaker 2: Okay. Okay. okay

Speaker 1: This is what I did, now when I was in Asia, for instance. The difference I would say is that if your customer is building an instrument that's gonna have a lifetime of maybe 10 years, of course that initial sale is very important 'cause that's how you get your product solution, and your brand in, over the footstep, or through the door. How you take care of the customer in the following five. This is what I did, now when I was in Asia, for instance. this is what i did now when i was in asia for instance The difference I would say is that if your customer is building an instrument that's gonna have a lifetime of maybe 10 years, of course that initial sale is very important 'cause that's how you get your product solution, and your brand in, over the footstep, or through the door. the difference i would say is that if your customer is building an instrument that's gonna have a lifetime of maybe 10 years of course that initial sale is very important 'cause that's how you get your product solution and your brand in over the footstep or through the door How you take care of the customer in the following five. how you take care of the customer in the following five

Speaker 2: Mm Mm mm

Speaker 1: seven, 10 years, that's gonna determine whether they have faith enough in you as a company. seven, 10 years, that's gonna determine whether they have faith enough in you as a company. seven 10 years that's gonna determine whether they have faith enough in you as a company

Speaker 2: Mm Mm mm

Speaker 1: person, product, solution, and put you into their next generation instrument. At some point you have to realize that our customer success, that is what ultimately defines our own success, right? By not seeing them just as a sales partner, somebody who's gonna buy something from you, but rather see them as a partner to our business, that's how I think we can succeed in sales over a long time. This is what we're now talking a lot about internally with the sales team and basically everybody who has any sort of customer facing going forward. Yeah, I lost track a little bit on your question. person, product, solution, and put you into their next generation instrument. person product solution and put you into their next generation instrument At some point you have to realize that our customer success, that is what ultimately defines our own success, right? at some point you have to realize that our customer success that is what ultimately defines our own success right By not seeing them just as a sales partner, somebody who's gonna buy something from you, but rather see them as a partner to our business, that's how I think we can succeed in sales over a long time. by not seeing them just as a sales partner somebody who's gonna buy something from you but rather see them as a partner to our business that's how i think we can succeed in sales over a long time This is what we're now talking a lot about internally with the sales team and basically everybody who has any sort of customer facing going forward. this is what we're now talking a lot about internally with the sales team and basically everybody who has any sort of customer facing going forward Yeah, I lost track a little bit on your question. yeah i lost track a little bit on your question

Speaker 2: Yeah, but- Yeah, but- yeah but-

Speaker 1: I think that's really important to mention because partnerships are really. I think that's really important to mention because partnerships are really. i think that's really important to mention because partnerships are really

Speaker 2: Mm Mm mm

Speaker 1: fundamental for us rather than just relationships. fundamental for us rather than just relationships. fundamental for us rather than just relationships

Speaker 2: The interesting thing here is also then barriers of entry would be high, I assume, and the stickiness of the business would be very sticky. The interesting thing here is also then barriers of entry would be high, I assume, and the stickiness of the business would be very sticky. the interesting thing here is also then barriers of entry would be high i assume and the stickiness of the business would be very sticky

Speaker 1: I mean, that's the upside. I mean, that's the upside. i mean that's the upside

Speaker 2: At least that's your aim. At least that's your aim. at least that's your aim

Speaker 1: Yeah. I mean, that's also the upside. Yeah. yeah I mean, that's also the upside. i mean that's also the upside

Speaker 2: Mm-hmm. Mm-hmm. mm-hmm

Speaker 1: It's very tricky. If the sales cycle is two to three years- It's very tricky. it's very tricky If the sales cycle is two to three years- if the sales cycle is two to three years-

Speaker 2: Mm Mm mm

Speaker 1: It's very hard to get through the door. It's very hard to get through the door. it's very hard to get through the door

Speaker 2: Mm. Mm. mm

Speaker 1: When you succeed, and you manage to progress together with a customer and develop together. When you succeed, and you manage to progress together with a customer and develop together. when you succeed and you manage to progress together with a customer and develop together

Speaker 2: Mm Mm mm

Speaker 1: ... with a customer, then that stickiness is very high. ... with a customer, then that stickiness is very high. with a customer then that stickiness is very high

Speaker 2: Mm. Mm. Mm. mm Mm. mm

Speaker 1: Of course, like all the business that we have today, most of those companies, they're not startups, they're big companies, so they're going to be around for many years. Of course, like all the business that we have today, most of those companies, they're not startups, they're big companies, so they're going to be around for many years. of course like all the business that we have today most of those companies they're not startups they're big companies so they're going to be around for many years

Speaker 2: Mm. Mm. mm

Speaker 1: We just need to make sure that we're managing these partnerships in the right way, and then we should not be designed out, unless there's a complete transformation in technology. We just need to make sure that we're managing these partnerships in the right way, and then we should not be designed out, unless there's a complete transformation in technology. we just need to make sure that we're managing these partnerships in the right way and then we should not be designed out unless there's a complete transformation in technology

Speaker 2: Mm Mm mm

Speaker 1: We need to, have an eye on that as well of course. We need to, have an eye on that as well of course. we need to have an eye on that as well of course

Speaker 2: Yes. If- Yes. yes If- if-

Speaker 1: I think that's many years from now. I think that's many years from now. i think that's many years from now

Speaker 2: Yeah. Yeah. yeah

Speaker 1: Sorry. Sorry. sorry

Speaker 2: If that's the case, you will probably be there as you're in the forefront of many technologies there. Let's jump into customer's orders here, and you mention here in the press release that you're exiting a med tech distributional deal about $3.7 million annually. Why does that come to an end? If that's the case, you will probably be there as you're in the forefront of many technologies there. if that's the case you will probably be there as you're in the forefront of many technologies there Let's jump into customer's orders here, and you mention here in the press release that you're exiting a med tech distributional deal about $3.7 million annually. let's jump into customer's orders here and you mention here in the press release that you're exiting a med tech distributional deal about $3.7 million annually Why does that come to an end? why does that come to an end

Speaker 1: That's a good question, and I ask myself that as well. That's a good question, and I ask myself that as well. that's a good question and i ask myself that as well

Speaker 2: Okay Okay okay

Speaker 1: ... because I've been in the distribution business for, quite a few years. ... because I've been in the distribution business for, quite a few years. because i've been in the distribution business for quite a few years

Speaker 2: Mm. Mm. mm

Speaker 1: I usually say that distribution business is quite different from other business-. I usually say that distribution business is quite different from other business-. i usually say that distribution business is quite different from other business-

Speaker 2: Mm Mm mm

Speaker 1: because it's one where you don't really require a contract between the manufacturer-. because it's one where you don't really require a contract between the manufacturer-. because it's one where you don't really require a contract between the manufacturer-

Speaker 2: Okay Okay okay

Speaker 1: ... and the distributor. Unless the business is fruitful, for both parties. ... and the distributor. and the distributor Unless the business is fruitful, for both parties. unless the business is fruitful for both parties

Speaker 2: Mm Mm mm

Speaker 1: ... a win-win, a clear win-win, it's not gonna become fruitful for anyone in the long term, right? In this case, we had, this particular manufacturer and customer, as a working partnership for so many years, like a couple of decades, almost 20 years, and we grew that customer for the manufacturer, and I think we did an excellent job and, it might be that we did too good of a job. ... a win-win, a clear win-win, it's not gonna become fruitful for anyone in the long term, right? a win-win a clear win-win it's not gonna become fruitful for anyone in the long term right In this case, we had, this particular manufacturer and customer, as a working partnership for so many years, like a couple of decades, almost 20 years, and we grew that customer for the manufacturer, and I think we did an excellent job and, it might be that we did too good of a job. in this case we had this particular manufacturer and customer as a working partnership for so many years like a couple of decades almost 20 years and we grew that customer for the manufacturer and i think we did an excellent job and it might be that we did too good of a job

Speaker 2: Okay. Okay. okay

Speaker 1: That it really hurts, it sucks. That it really hurts, it sucks. that it really hurts it sucks

Speaker 2: Mm Mm mm

Speaker 1: That's usually, you know, it's not usual business when that happens. That's usually, you know, it's not usual business when that happens. that's usually you know it's not usual business when that happens

Speaker 2: Mm. Mm. mm

Speaker 1: I'm a bit surprised that it did, but, yeah, we just have to make sure that we put the foundation. I'm a bit surprised that it did, but, yeah, we just have to make sure that we put the foundation. i'm a bit surprised that it did but yeah we just have to make sure that we put the foundation

Speaker 2: Mm Mm mm

Speaker 1: good opportunities. Headwinds are always gonna show up. good opportunities. good opportunities Headwinds are always gonna show up. headwinds are always gonna show up

Speaker 2: One could also point out that it was more or less offset by two orders from a customer in the U.S. defense sector, which was $3.2 million. I got two questions around that. Would that, is that the same customer, two orders from the same customers, or are there two customers? How much can you share? Because when it comes to defense contracts, which is now a booming market, there's a lot of money out there's also a lot of secrecy and you are obliged- One could also point out that it was more or less offset by two orders from a customer in the U.S. defense sector, which was $3.2 million. one could also point out that it was more or less offset by two orders from a customer in the u.s defense sector which was $3.2 million I got two questions around that. i got two questions around that Would that, is that the same customer, two orders from the same customers, or are there two customers? would that is that the same customer two orders from the same customers or are there two customers How much can you share? how much can you share Because when it comes to defense contracts, which is now a booming market, there's a lot of money out there's also a lot of secrecy and you are obliged- because when it comes to defense contracts which is now a booming market there's a lot of money out there's also a lot of secrecy and you are obliged-

Speaker 1: Mm Mm mm

Speaker 2: ... to sign forms which means that you are unable to communicate. Feel free to answer that in any way you like. ... to sign forms which means that you are unable to communicate. to sign forms which means that you are unable to communicate Feel free to answer that in any way you like. feel free to answer that in any way you like

Speaker 1: Yeah, I mean, I can tell you it's, what we are providing these customers with, and they're different customers also- Yeah, I mean, I can tell you it's, what we are providing these customers with, and they're different customers also- yeah i mean i can tell you it's what we are providing these customers with and they're different customers also-

Speaker 2: Okay. Okay. okay

Speaker 1: Has some very cool stuff. Has some very cool stuff. has some very cool stuff

Speaker 2: Okay. Okay. okay

Speaker 1: since it's the U.S. defense. since it's the U.S. defense. since it's the u.s defense

Speaker 2: Mm. Mm Mm. mm mm Mm mm

Speaker 1: ... or I would assume any defense customer. ... or I would assume any defense customer. or i would assume any defense customer

Speaker 2: Yes Yes yes

Speaker 1: I can't say anything about that. It's not, I can say it's not PiezoMotor. I can't say anything about that. i can't say anything about that It's not, I can say it's not PiezoMotor. it's not i can say it's not piezomotor

Speaker 2: Mm. Mm. mm

Speaker 1: I think we were clear in the press release. I think we were clear in the press release. i think we were clear in the press release

Speaker 2: Mm Mm mm

Speaker 1: saying that this is a business that comes out of TPA- saying that this is a business that comes out of TPA- saying that this is a business that comes out of tpa-

Speaker 2: Yes Yes yes

Speaker 1: motion, so it's something that moves a little bit bigger. motion, so it's something that moves a little bit bigger. motion so it's something that moves a little bit bigger

Speaker 2: Mm-hmm. Mm-hmm. mm-hmm

Speaker 1: It's really nice to see that that's happening, and that we are a key player in that because. It's really nice to see that that's happening, and that we are a key player in that because. it's really nice to see that that's happening and that we are a key player in that because

Speaker 2: Mm Mm mm

Speaker 1: ... you know, I speak a lot about how I want us to be much more proactive. ... you know, I speak a lot about how I want us to be much more proactive. you know i speak a lot about how i want us to be much more proactive

Speaker 2: Mm. Mm. Mm Mm. mm mm mm Mm. mm mm mm Mm mm mm mm

Speaker 1: ... in the future, but you cannot be proactive. ... in the future, but you cannot be proactive. in the future but you cannot be proactive

Speaker 2: No No no

Speaker 1: In sales, towards the defense industry. You really have to make sure that every project you get, you deliver it to the top-notch standard. In sales, towards the defense industry. in sales towards the defense industry You really have to make sure that every project you get, you deliver it to the top-notch standard. you really have to make sure that every project you get you deliver it to the top-notch standard

Speaker 2: Mm Mm mm

Speaker 1: ... that they're expecting, and then they will internally spread the word and you get an offer for a different project. ... that they're expecting, and then they will internally spread the word and you get an offer for a different project. that they're expecting and then they will internally spread the word and you get an offer for a different project

Speaker 2: Mm. Mm Mm. mm Mm mm

Speaker 1: ... and so on. That's how it goes, and it's really nice to see that TPA has grown this over time. Also, I just wanted to add, sorry, to come back to the last question that you had. ... and so on. and so on That's how it goes, and it's really nice to see that TPA has grown this over time. that's how it goes and it's really nice to see that tpa has grown this over time Also, I just wanted to add, sorry, to come back to the last question that you had. also i just wanted to add sorry to come back to the last question that you had

Speaker 2: Mm. Mm. Mm. mm mm Mm. mm mm

Speaker 1: Because distribution generally is a low margin business. Because distribution generally is a low margin business. because distribution generally is a low margin business

Speaker 2: Mm. Mm. Mm. mm mm Mm. mm

Speaker 1: We did cover up some of it by these new defense orders, but I think more important is to say that we're also seeing how PiezoMotor, our legs business, which is our, also our high margin business. We did cover up some of it by these new defense orders, but I think more important is to say that we're also seeing how PiezoMotor, our legs business, which is our, also our high margin business. we did cover up some of it by these new defense orders but i think more important is to say that we're also seeing how piezomotor our legs business which is our also our high margin business

Speaker 2: Mm. Mm. Mm Mm. mm mm mm Mm. mm mm Mm mm mm

Speaker 1: is progressing really nicely. We started Q1 by almost doubling compared to last year, and the trend that we see is also continuing into Q2. I'm not gonna make any projection for the full year, but I can say that it has started very well, and this is really in the lines of our strategy to add business to this segment. is progressing really nicely. is progressing really nicely We started Q1 by almost doubling compared to last year, and the trend that we see is also continuing into Q2. we started q1 by almost doubling compared to last year and the trend that we see is also continuing into q2 I'm not gonna make any projection for the full year, but I can say that it has started very well, and this is really in the lines of our strategy to add business to this segment. i'm not gonna make any projection for the full year but i can say that it has started very well and this is really in the lines of our strategy to add business to this segment

Speaker 2: One can always, as we were into this, let's say, barriers of entry, if there is anything, such thing as a barrier of entry is in the defense sector. One can always, as we were into this, let's say, barriers of entry, if there is anything, such thing as a barrier of entry is in the defense sector. one can always as we were into this let's say barriers of entry if there is anything such thing as a barrier of entry is in the defense sector

Speaker 1: I mean, speaking of defense, it looks like this ,trend, if you like, is going to remain for quite some years, I guess. I mean, your guess is as good as my guess. I mean, speaking of defense, it looks like this ,trend, if you like, is going to remain for quite some years, I guess. i mean speaking of defense it looks like this ,trend if you like is going to remain for quite some years i guess I mean, your guess is as good as my guess. i mean your guess is as good as my guess

Speaker 2: Mm-hmm Mm-hmm mm-hmm

Speaker 1: I don't see the world investing less in defense, whether it's going to grow or not, I don't wanna speculate, but I don't think it's going to decrease, at least not in the visible near-term future, like five or even 10 years. I don't see the world investing less in defense, whether it's going to grow or not, I don't wanna speculate, but I don't think it's going to decrease, at least not in the visible near-term future, like five or even 10 years. i don't see the world investing less in defense whether it's going to grow or not i don't wanna speculate but i don't think it's going to decrease at least not in the visible near-term future like five or even 10 years

Speaker 2: Mm. Mm. mm

Speaker 1: I would say that the world has changed a little bit. I would say that the world has changed a little bit. i would say that the world has changed a little bit

Speaker 2: We have some viewer questions here, I'll just read them. We have some viewer questions here, I'll just read them. we have some viewer questions here i'll just read them

Speaker 1: Mm Mm mm

Speaker 2: ... out loud and then you have to interpret it as it is. Question number one here, Q1 EBITDA was SEK 3.3 million. You need SEK 34 million-SEK 47 million in Q2, Q4, and I assume that would be sales to hit guidance. What drives that acceleration? ... out loud and then you have to interpret it as it is. out loud and then you have to interpret it as it is Question number one here, Q1 EBITDA was SEK 3.3 million. question number one here q1 ebitda was sek 3.3 million You need SEK 34 million-SEK 47 million in Q2, Q4, and I assume that would be sales to hit guidance. you need sek 34 million-sek 47 million in q2 q4 and i assume that would be sales to hit guidance What drives that acceleration? what drives that acceleration

Speaker 1: First of all, I think maybe this is a good time to say that what we have communicated is not guidance. First of all, I think maybe this is a good time to say that what we have communicated is not guidance. first of all i think maybe this is a good time to say that what we have communicated is not guidance

Speaker 2: Mm Mm mm

Speaker 1: it is our targets. it is our targets. it is our targets

Speaker 2: Good. Good. good

Speaker 1: Absolutely, we need to grow top line. Absolutely, we need to grow top line. absolutely we need to grow top line

Speaker 2: Mm. Mm. mm

Speaker 1: Decrease in cost is going to be important, too, and we can do a lot there as well, and we've already started that journey. Growing top line is going to be instrumental in succeeding, and I think what our projections show is that we need to grow about 10%-15%, and I mean, that's more than fair targets to put, and in some areas we have a lot higher targets as well. Decrease in cost is going to be important, too, and we can do a lot there as well, and we've already started that journey. decrease in cost is going to be important too and we can do a lot there as well and we've already started that journey Growing top line is going to be instrumental in succeeding, and I think what our projections show is that we need to grow about 10%-15%, and I mean, that's more than fair targets to put, and in some areas we have a lot higher targets as well. growing top line is going to be instrumental in succeeding and i think what our projections show is that we need to grow about 10%-15% and i mean that's more than fair targets to put and in some areas we have a lot higher targets as well

Speaker 2: Mm-hmm, mm-hmm. Mm-hmm, mm-hmm. mm-hmm mm-hmm

Speaker 1: I think the average should be at least somewhere there, and then we have good chances of reaching it. I think the average should be at least somewhere there, and then we have good chances of reaching it. i think the average should be at least somewhere there and then we have good chances of reaching it

Speaker 2: The second question from the same viewer here, LEGS doubled in Q1. What percentage of Uppsala capacity is utilized today, and at what level do you expect meaningful margin leverage? The second question from the same viewer here, LEGS doubled in Q1. the second question from the same viewer here legs doubled in q1 What percentage of Uppsala capacity is utilized today, and at what level do you expect meaningful margin leverage? what percentage of uppsala capacity is utilized today and at what level do you expect meaningful margin leverage

Speaker 1: I mean, we are still at about 50% utilization. I mean, we are still at about 50% utilization. i mean we are still at about 50% utilization

Speaker 2: Mm-hmm. Mm-hmm. mm-hmm

Speaker 1: There's a lot of room for expansion, and, this requires the sales department to do a good job, but the nice thing is that we can see things picking up in speed. I mean, the traction that we get from the customers that we are reaching, the number of new customers, that are coming in, it's all pointing in a very good direction. I spoke to our fantastic, I should say, regional director of APAC, Asia-. There's a lot of room for expansion, and, this requires the sales department to do a good job, but the nice thing is that we can see things picking up in speed. there's a lot of room for expansion and this requires the sales department to do a good job but the nice thing is that we can see things picking up in speed I mean, the traction that we get from the customers that we are reaching, the number of new customers, that are coming in, it's all pointing in a very good direction. i mean the traction that we get from the customers that we are reaching the number of new customers that are coming in it's all pointing in a very good direction I spoke to our fantastic, I should say, regional director of APAC, Asia-. i spoke to our fantastic i should say regional director of apac asia-

Speaker 2: Mm Mm mm

Speaker 1: ... Pacific, Marcus Hedenskog, and he can ready see some early, trend results pointing in the right direction, and if things maintain, we should be able to grow APAC with between 50%-100% at the end of the year. The same goes for, some other segments and niches as well. We have high hopes. ... Pacific, Marcus Hedenskog, and he can ready see some early, trend results pointing in the right direction, and if things maintain, we should be able to grow APAC with between 50%-100% at the end of the year. pacific marcus hedenskog and he can ready see some early trend results pointing in the right direction and if things maintain we should be able to grow apac with between 50%-100% at the end of the year The same goes for, some other segments and niches as well. the same goes for some other segments and niches as well We have high hopes. we have high hopes

Speaker 2: Mm. Mm. mm

Speaker 1: Of course, we also have that headwind. Of course, we also have that headwind. of course we also have that headwind

Speaker 2: Mm Mm mm

Speaker 1: mentioning in the earlier. It's not all gonna be a straight curve upwards. I think for every headwind that you may encounter, you have to make sure that you have three possible tailwinds. mentioning in the earlier. mentioning in the earlier It's not all gonna be a straight curve upwards. it's not all gonna be a straight curve upwards I think for every headwind that you may encounter, you have to make sure that you have three possible tailwinds. i think for every headwind that you may encounter you have to make sure that you have three possible tailwinds

Speaker 2: Mm Mm mm

Speaker 1: to counteract for. to counteract for. to counteract for

Speaker 2: If we're coming back to orders here, you have announced that you've been chosen to deliver solutions to a Formula One team. What more can you tell us about this? If we're coming back to orders here, you have announced that you've been chosen to deliver solutions to a Formula One team. if we're coming back to orders here you have announced that you've been chosen to deliver solutions to a formula one team What more can you tell us about this? what more can you tell us about this

Speaker 1: Okay Okay okay

Speaker 2: ... agreement? I mean, it's sound pretty cool, I think. ... agreement? agreement I mean, it's sound pretty cool, I think. i mean it's sound pretty cool i think

Speaker 1: Yeah, and that's partly also why we press released it. It's not a big volume order- Yeah, and that's partly also why we press released it. yeah and that's partly also why we press released it It's not a big volume order- it's not a big volume order-

Speaker 2: Mm, mm Mm, mm mm mm

Speaker 1: ... but it's something that has a high attention value, in the market. ... but it's something that has a high attention value, in the market. but it's something that has a high attention value in the market

Speaker 2: Mm Mm mm

Speaker 1: Right now, I would say. Right now, I would say. right now i would say

Speaker 2: Mm. Mm. mm

Speaker 1: A lot of people follow Formula One. I'm quite a new fan myself. A lot of people follow Formula One. a lot of people follow formula one I'm quite a new fan myself. i'm quite a new fan myself

Speaker 2: Oh, yeah, obvious. Oh, yeah, obvious. oh yeah obvious

Speaker 1: Yeah. Unfortunately the team doesn't want to be mentioned by name. Yeah. yeah Unfortunately the team doesn't want to be mentioned by name. unfortunately the team doesn't want to be mentioned by name

Speaker 2: no. no. no

Speaker 1: They don't want to tell us exactly what they're doing. They don't want to tell us exactly what they're doing. they don't want to tell us exactly what they're doing

Speaker 2: Mm. Mm. mm

Speaker 1: I mean, my guess would be that it's more of a measurement instrument. I mean, my guess would be that it's more of a measurement instrument. i mean my guess would be that it's more of a measurement instrument

Speaker 2: Mm Mm mm

Speaker 1: than anything else. You know, than anything else. than anything else You know, you know

Speaker 2: Yeah. Yeah. yeah

Speaker 1: ... build their cars, it's super important. ... build their cars, it's super important. build their cars it's super important

Speaker 2: Oh, yeah. Oh, yeah. oh yeah

Speaker 1: ... that every angle is right and so on. ... that every angle is right and so on. that every angle is right and so on

Speaker 2: Mm, mm Mm, mm mm mm

Speaker 1: that's what I'd guess. that's what I'd guess. that's what i'd guess

Speaker 2: It's a seal of approval, one could argue. It's a seal of approval, one could argue. it's a seal of approval one could argue

Speaker 1: Absolutely. Absolutely. absolutely

Speaker 2: Mm. Mm. mm

Speaker 1: Absolutely. I mean, this is the world's fastest motorsport. Absolutely. absolutely I mean, this is the world's fastest motorsport. i mean this is the world's fastest motorsport

Speaker 2: Mm, mm Mm, mm mm mm

Speaker 1: I don't think there's hardly any sport with instruments. I don't think there's hardly any sport with instruments. i don't think there's hardly any sport with instruments

Speaker 2: Mm Mm mm

Speaker 1: that require higher precision than. that require higher precision than. that require higher precision than

Speaker 2: Mm Mm mm

Speaker 1: than Formula One. than Formula One. than formula one

Speaker 2: You just got back from Tokyo, and so, and you have mentioned previously that you switch away from distributors to in-house sales in certain regions. When do you think that that will be reflected in the figures? Because if I understand you correctly, I mean, you would have more control of the sales, cutting out the middleman, and that would lead to, let's say, quicker sales and perhaps higher margin. Am I right in my assumption? You just got back from Tokyo, and so, and you have mentioned previously that you switch away from distributors to in-house sales in certain regions. you just got back from tokyo and so and you have mentioned previously that you switch away from distributors to in-house sales in certain regions When do you think that that will be reflected in the figures? when do you think that that will be reflected in the figures Because if I understand you correctly, I mean, you would have more control of the sales, cutting out the middleman, and that would lead to, let's say, quicker sales and perhaps higher margin. because if i understand you correctly i mean you would have more control of the sales cutting out the middleman and that would lead to let's say quicker sales and perhaps higher margin Am I right in my assumption? am i right in my assumption

Speaker 1: Yeah. Yeah. yeah

Speaker 2: If so, when can we see that? If so, when can we see that? if so when can we see that

Speaker 1: I think you're right in quicker sales. I would hope that you're wrong because that means our distributors weren't as effective as we were hoping. I think you're right in quicker sales. i think you're right in quicker sales I would hope that you're wrong because that means our distributors weren't as effective as we were hoping. i would hope that you're wrong because that means our distributors weren't as effective as we were hoping

Speaker 2: Mm. Mm. mm

Speaker 1: I think you're right. I think you're right. i think you're right

Speaker 2: Mm. Mm. mm

Speaker 1: Second thing is that most of our customers, they're quite big companies. Second thing is that most of our customers, they're quite big companies. second thing is that most of our customers they're quite big companies

Speaker 2: Mm-hmm. Mm-hmm. mm-hmm

Speaker 1: Right now only, one department is buying something from us. Right now only, one department is buying something from us. right now only one department is buying something from us

Speaker 2: Mm, mm. Mm, mm. mm mm

Speaker 1: This is something that we can change when we manage the partnership directly ourselves. Because it allows us to spread the word of what more we have in our portfolio, and it also allows us to be in more contact with their other departments. I was now in Japan. This is something that we can change when we manage the partnership directly ourselves. Because it allows us to spread the word of what more we have in our portfolio, and it also allows us to be in more contact with their other departments. this is something that we can change when we manage the partnership directly ourselves. because it allows us to spread the word of what more we have in our portfolio and it also allows us to be in more contact with their other departments I was now in Japan. i was now in japan

Speaker 2: Mm Mm mm

Speaker 1: ... we met with a big, global player. In the meeting across the table was not just one engineer. There were five different engineers, and they were all not working with just one project. ... we met with a big, global player. we met with a big global player In the meeting across the table was not just one engineer. in the meeting across the table was not just one engineer There were five different engineers, and they were all not working with just one project. there were five different engineers and they were all not working with just one project

Speaker 2: Mm, mm Mm, mm mm mm

Speaker 1: of course. of course. of course

Speaker 2: Oh, I see. Oh, I see. oh i see

Speaker 1: talk to all of them, you know, you're spreading the word. We're really also hoping that we can grow each of these big, multinational, companies, with our solutions. talk to all of them, you know, you're spreading the word. talk to all of them you know you're spreading the word We're really also hoping that we can grow each of these big, multinational, companies, with our solutions. we're really also hoping that we can grow each of these big multinational companies with our solutions

Speaker 2: There would be a, let's say, a read across to other areas within the companies due to, let's say, controlling the sales and having your own distribution, as it were. There would be a, let's say, a read across to other areas within the companies due to, let's say, controlling the sales and having your own distribution, as it were. there would be a let's say a read across to other areas within the companies due to let's say controlling the sales and having your own distribution as it were

Speaker 1: Yeah, exactly. Yeah, exactly. yeah exactly

Speaker 2: Mm. Mm. mm

Speaker 1: It puts us in the driver's seat. It puts us in the driver's seat. it puts us in the driver's seat

Speaker 2: Mm Mm mm

Speaker 1: We determine our own fate a little bit more. We determine our own fate a little bit more. we determine our own fate a little bit more

Speaker 2: Okay. As you're transforming the company towards, let's say, fast-growing, can I say better control in a way, and a profitable entity, what kind of metrics would you like us in the market to look? As we started this interview, I got the feeling that when it comes to EBITDA and other metrics, because you are restructuring the company in certain ways, maybe that's not the way to look at it. You have emphasized cashflow and sales. Could you elaborate a little bit about KPIs, internally, but more importantly externally to us? Okay. okay As you're transforming the company towards, let's say, fast-growing, can I say better control in a way, and a profitable entity, what kind of metrics would you like us in the market to look? as you're transforming the company towards let's say fast-growing can i say better control in a way and a profitable entity what kind of metrics would you like us in the market to look As we started this interview, I got the feeling that when it comes to EBITDA and other metrics, because you are restructuring the company in certain ways, maybe that's not the way to look at it. as we started this interview i got the feeling that when it comes to ebitda and other metrics because you are restructuring the company in certain ways maybe that's not the way to look at it You have emphasized cashflow and sales. you have emphasized cashflow and sales Could you elaborate a little bit about KPIs, internally, but more importantly externally to us? could you elaborate a little bit about kpis internally but more importantly externally to us

Speaker 1: Yeah. I don't know how carefully you read the report, but we actually took away a few of the wordings around- Yeah. yeah I don't know how carefully you read the report, but we actually took away a few of the wordings around- i don't know how carefully you read the report but we actually took away a few of the wordings around-

Speaker 2: Mm Mm mm

Speaker 1: ... standard products and ... standard products and standard products and

Speaker 2: Mm, mm Mm, mm mm mm

Speaker 1: OEM products and so on because we think that they were a little bit confusing, not only to the market, but also internally how we define these things and where do we draw the line. If we have a PiezoMotor that we are modifying the adapter, and does that make it a standard product still or a or an OEM and so on? It's really something that we're trying to figure out. OEM products and so on because we think that they were a little bit confusing, not only to the market, but also internally how we define these things and where do we draw the line. oem products and so on because we think that they were a little bit confusing not only to the market but also internally how we define these things and where do we draw the line If we have a PiezoMotor that we are modifying the adapter, and does that make it a standard product still or a or an OEM and so on? if we have a piezomotor that we are modifying the adapter and does that make it a standard product still or a or an oem and so on It's really something that we're trying to figure out. it's really something that we're trying to figure out

Speaker 2: Mm. Mm. mm

Speaker 1: I understand that we need to get into much more details and providing the market with more details, and we want to do that. Somewhere there's a little bit of a borderline where you don't want to provide too much. I understand that we need to get into much more details and providing the market with more details, and we want to do that. i understand that we need to get into much more details and providing the market with more details and we want to do that Somewhere there's a little bit of a borderline where you don't want to provide too much. somewhere there's a little bit of a borderline where you don't want to provide too much

Speaker 2: Yeah Yeah yeah

Speaker 1: because then you're, we're just gonna talk about details that. because then you're, we're just gonna talk about details that. because then you're we're just gonna talk about details that

Speaker 2: Mm, mm Mm, mm mm mm

Speaker 1: really really really

Speaker 2: No No no

Speaker 1: shareholder value in the long run. I definitely think, like EBITDA or EBIT, they're important, but if we're doing things a little bit different. shareholder value in the long run. shareholder value in the long run I definitely think, like EBITDA or EBIT, they're important, but if we're doing things a little bit different. i definitely think like ebitda or ebit they're important but if we're doing things a little bit different

Speaker 2: Mm Mm mm

Speaker 1: Maybe there's a new baseline that we should refer to. Cashflow is always cashflow, right? Maybe there's a new baseline that we should refer to. maybe there's a new baseline that we should refer to Cashflow is always cashflow, right? cashflow is always cashflow right

Speaker 2: Mm. Yep. Mm. mm Yep. yep

Speaker 1: Cashflow is also the foundation of what we could do going forward, and it gives us the maneuver room for what we want to do. I come from a conglomerate, a serial acquirer, where acquisitions were financed 50%, 50% by own cash, 50% by bank loans. I think that's a healthy and sound debt level, and we would like to be able to do. Cashflow is also the foundation of what we could do going forward, and it gives us the maneuver room for what we want to do. cashflow is also the foundation of what we could do going forward and it gives us the maneuver room for what we want to do I come from a conglomerate, a serial acquirer, where acquisitions were financed 50%, 50% by own cash, 50% by bank loans. i come from a conglomerate a serial acquirer where acquisitions were financed 50% 50% by own cash 50% by bank loans I think that's a healthy and sound debt level, and we would like to be able to do. i think that's a healthy and sound debt level and we would like to be able to do

Speaker 2: Mm Mm mm

Speaker 1: similar. Right now we don't have those financial muscles, but we can see the indications, although they're, we're coming from a low level. similar. similar Right now we don't have those financial muscles, but we can see the indications, although they're, we're coming from a low level. right now we don't have those financial muscles but we can see the indications although they're we're coming from a low level

Speaker 2: Mm. Mm. mm

Speaker 1: I mean, it should be quite quick that we start building up some cash on our own, and we can start looking at these things, and we should be able to finance them ourselves. I mean, it should be quite quick that we start building up some cash on our own, and we can start looking at these things, and we should be able to finance them ourselves. i mean it should be quite quick that we start building up some cash on our own and we can start looking at these things and we should be able to finance them ourselves

Speaker 2: Mm. Mm. mm

Speaker 1: All the metrics, we're gonna look into that, and I think by Q2 we should definitely have a lot more information for the market. I just want to be really careful and make sure that we provide sensible KPIs that we can follow over time. All the metrics, we're gonna look into that, and I think by Q2 we should definitely have a lot more information for the market. all the metrics we're gonna look into that and i think by q2 we should definitely have a lot more information for the market I just want to be really careful and make sure that we provide sensible KPIs that we can follow over time. i just want to be really careful and make sure that we provide sensible kpis that we can follow over time

Speaker 2: Yeah. Yeah. yeah

Speaker 1: I would say, of course the market wants this, and we should provide them, but more importantly, I want to find the KPIs that also sets the right internal pressures. I would say, of course the market wants this, and we should provide them, but more importantly, I want to find the KPIs that also sets the right internal pressures. i would say of course the market wants this and we should provide them but more importantly i want to find the kpis that also sets the right internal pressures

Speaker 2: Mm, mm. Mm, mm. mm mm

Speaker 1: Once you start communicating, then that also shows the entire organization that these are now publicly communicated, and we need to improve them over time. That's why they have to be chosen very carefully. Surely they, we should definitely have more than what we provided in this quarter. Once you start communicating, then that also shows the entire organization that these are now publicly communicated, and we need to improve them over time. once you start communicating then that also shows the entire organization that these are now publicly communicated and we need to improve them over time That's why they have to be chosen very carefully. that's why they have to be chosen very carefully Surely they, we should definitely have more than what we provided in this quarter. surely they we should definitely have more than what we provided in this quarter

Speaker 2: Mm Mm mm

Speaker 1: report. report. report

Speaker 2: Yeah. That's an excellent segue, actually, to my next and final question, and that was, would be what do you want for us to be looking at the coming quarter? Obviously, if you've done your internal work to a satisfactory level for yourself, then you may communicate KPIs going forward. Is there anything else you would like us to watch any particular space when it comes to Acuvi? Yeah. yeah That's an excellent segue, actually, to my next and final question, and that was, would be what do you want for us to be looking at the coming quarter? that's an excellent segue actually to my next and final question and that was would be what do you want for us to be looking at the coming quarter Obviously, if you've done your internal work to a satisfactory level for yourself, then you may communicate KPIs going forward. obviously if you've done your internal work to a satisfactory level for yourself then you may communicate kpis going forward Is there anything else you would like us to watch any particular space when it comes to Acuvi? is there anything else you would like us to watch any particular space when it comes to acuvi

Speaker 1: No, I think, you know, the KPIs are very important. Even though we don't disclose too many KPIs today. No, I think, you know, the KPIs are very important. no i think you know the kpis are very important Even though we don't disclose too many KPIs today. even though we don't disclose too many kpis today

Speaker 2: Mm, mm Mm, mm mm mm

Speaker 1: it doesn't mean that we didn't start tracking them, right? Now we have different data systems. We're talking continuously internally about becoming more data-driven, so we've implemented the systems that we need in terms of ERP, CRM, and so on to be able to track things. it doesn't mean that we didn't start tracking them, right? it doesn't mean that we didn't start tracking them right Now we have different data systems. now we have different data systems We're talking continuously internally about becoming more data-driven, so we've implemented the systems that we need in terms of ERP, CRM, and so on to be able to track things. we're talking continuously internally about becoming more data-driven so we've implemented the systems that we need in terms of erp crm and so on to be able to track things

Speaker 2: Mm Mm mm

Speaker 1: going forward. It's just gonna be a little bit of work. going forward. going forward It's just gonna be a little bit of work. it's just gonna be a little bit of work

Speaker 2: Yeah Yeah yeah

Speaker 1: What is worth tracking. What is worth tracking. what is worth tracking

Speaker 2: Mm Mm mm

Speaker 1: ... and publishing. ... and publishing. and publishing

Speaker 2: Excellent. Excellent. excellent

Speaker 1: Yeah. Yeah. yeah

Speaker 2: Yeah. Yeah. yeah

Speaker 1: I think, I mean, cashflow definitely is still the number-one KPI. I think, I mean, cashflow definitely is still the number-one KPI. i think i mean cashflow definitely is still the number-one kpi

Speaker 2: Right, Nils. very interesting, and educational, I would say. One could say, one should watch the space, and looking forward to see you here again, so thank you so much. Right, Nils. very interesting, and educational, I would say. right nils very interesting and educational i would say One could say, one should watch the space, and looking forward to see you here again, so thank you so much. one could say one should watch the space and looking forward to see you here again so thank you so much

Speaker 1: Oh, thank you. yeah, I did wanna say. Oh, thank you. yeah, I did wanna say. oh thank you yeah i did wanna say

Speaker 2: Yes, go ahead. Yes, go ahead. yes go ahead

Speaker 1: something about my trip to Japan. something about my trip to Japan. something about my trip to japan

Speaker 2: Yes, please. Good. Yes, please. yes please Good. good

Speaker 1: ... because it was really nice, and we've spoken about how we want to do the direct partnerships ourselves. ... because it was really nice, and we've spoken about how we want to do the direct partnerships ourselves. because it was really nice and we've spoken about how we want to do the direct partnerships ourselves

Speaker 2: Mm, mm Mm, mm mm mm

Speaker 1: ... and so on. That's true for the U.S. and Europe. While we've said that in Asia we want to keep the distributors, and I was there meeting with our new local team, the regional director but also an engineer, local engineer, and we met with both distributors and customers, and I can tell you I think we're spot on in terms of the strategy there because it's just so different, those customer meetings and how you. ... and so on. and so on that's That's true for the U.S. and Europe. and so on that's true for the u.s and europe While we've said that in Asia we want to keep the distributors, and I was there meeting with our new local team, the regional director but also an engineer, local engineer, and we met with both distributors and customers, and I can tell you I think we're spot on in terms of the strategy there because it's just so different, those customer meetings and how you. while we've said that in asia we want to keep the distributors and i was there meeting with our new local team the regional director but also an engineer local engineer and we met with both distributors and customers and i can tell you i think we're spot on in terms of the strategy there because it's just so different those customer meetings and how you

Speaker 2: Of course. Of course. of course

Speaker 1: ... interact with the customer in that, in those settings, how you speak to them, who speaks, who says what. ... interact with the customer in that, in those settings, how you speak to them, who speaks, who says what. interact with the customer in that in those settings how you speak to them who speaks who says what

Speaker 2: Mm. Mm. mm

Speaker 1: Having a person like Marcus who knows the language fluently in both spoken words and writing, I think it's tremendously valuable. Like I said, we're already seeing some progress. It's early signs, and it's from low levels, but I have really high hopes that we can tap into this market, which is huge and still to this day one of the smaller markets for Acuvi as a group. That's also something to track in the future, and I'm sure that that might be one of the KPIs that we're going to. Having a person like Marcus who knows the language fluently in both spoken words and writing, I think it's tremendously valuable. having a person like marcus who knows the language fluently in both spoken words and writing i think it's tremendously valuable Like I said, we're already seeing some progress. like i said we're already seeing some progress It's early signs, and it's from low levels, but I have really high hopes that we can tap into this market, which is huge and still to this day one of the smaller markets for Acuvi as a group. it's early signs and it's from low levels but i have really high hopes that we can tap into this market which is huge and still to this day one of the smaller markets for acuvi as a group That's also something to track in the future, and I'm sure that that might be one of the KPIs that we're going to. that's also something to track in the future and i'm sure that that might be one of the kpis that we're going to

Speaker 2: Interesting Interesting interesting

Speaker 1: to, publish. to, publish. to publish

Speaker 2: Also something to look forward to. It's a little bit of a cliffhanger, one could say, than Japan. Also something to look forward to. also something to look forward to It's a little bit of a cliffhanger, one could say, than Japan. it's a little bit of a cliffhanger one could say than japan

Speaker 1: Yeah, I mean. Yeah, I mean. yeah i mean

Speaker 2: Oh, right. Oh, right. oh right

Speaker 1: really. You have China, South Korea, Japan, Taiwan. really. really You have China, South Korea, Japan, Taiwan. you have china south korea japan taiwan

Speaker 2: Yeah Yeah yeah

Speaker 1: are the main drivers, I think. are the main drivers, I think. are the main drivers i think

Speaker 2: Right. With that, thank you so much, Nils, and we will say thank you to all of you, viewing and asking questions. Without, with that, thank you and goodbye. Right. right With that, thank you so much, Nils, and we will say thank you to all of you, viewing and asking questions. with that thank you so much nils and we will say thank you to all of you viewing and asking questions Without, with that, thank you and goodbye. without with that thank you and goodbye